Remote Deposit Capture is Morphing (I think)


Most banks large and small now offer Remote Deposit Capture (RDC) services.  I have written about this in the past and you may know that it is a service that allows a business to remotely scan their own checks for deposit, which converts them into industry standard check images and electronically transmits them to the bank as a deposit.  I have also written about lockboxes too, where I described how business owners using a bank lockbox can get a scanner onsite for those straggler payments that continue to be mailed to their office instead of the post office box.  It occurred to me that Remote Deposit Capture and these Virtual Lockboxes are morphing and evolving into one product.  It hasn’t completely happened, but I can see it coming.  Right now your RDC scanner can be equipped with additional user-defined data fields to capture posting information so you can theoretically create an exportable file that you can upload into your AR system.  Well isn’t that the same thing that is being done at the bank in their lockbox operations area?  They are capturing the information and creating a posting file for you to pull into your AR system.  And now that more sophisticated scanners are able to scan all the invoices and other remittance documents for your straggler payments coming to your office, could that mean the future of bank lockbox operations are in question?  I would say no, particularly for the large corporates – they will still want the payments received and processed elsewhere to save time and resources and to create that additional layer of security.  But it may have ramifications for smaller businesses using lockboxes.  At the rate bank technology is progressing, it will not take long to find out if this is indeed the case.

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