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Cachet to Offer Robust Remote Deposit Solution
Jun 10, 2010 (04:06 PM EDT)
RDC Select(TM) Delivers Innovative, Comprehensive Alternative to Financial Institutions
MINNEAPOLIS, June 10 /PRNewswire/ -- Cachet Financial Solutions announced today that it has developed a new, easier method for financial institutions to deliver and support remote deposit capture services to their commercial and individual customers. The company says it plans to market its RDC Select™ offering to banks and credit unions nationwide immediately.
Remote deposit capture is a service which allows a user to scan checks and transmit the scanned images to a bank for posting and clearing. Enacted in 2004, federal legislation (referred to as Check 21) allows banks to clear checks based upon images of the original items instead of having to transport the original check to the paying bank for clearing. Still in its infancy, remote deposit has had mixed reviews to date. While most users enjoy the convenience and control RDC offers them in terms of cash management, most financial institutions have not developed an efficient, affordable model to offer the service.
"Delivering software solutions and answering technology questions from merchants are not core competencies of most financial institutions," says Jeffrey C. Mack, Cachet's President and Chief Executive Officer. "With RDC Select, we've developed a remote deposit platform that allows financial institutions to focus on their customer relationships and not on hardware or software issues."
Traditionally, financial institutions have had to make costly upgrades to their technology infrastructure in order to deliver RDC to their customers. Additionally, their relationship managers and IT personnel generally installed the check scanners and software on customers' computers themselves. As a result, RDC utilization rates have been significantly lower than earlier industry projections despite the demand for the service. Mack believes RDC Select can change that.
"Because everything is delivered remotely and through us, we've eliminated the need for financial institutions to invest in major technology infrastructure or personnel to support the endeavor," says Mack. "There's no question that every financial institution should be offering this service to their customers but, until now, they've had a difficult time implementing it. With RDC Select, we take care of all of that for them."
By essentially outsourcing the RDC offering to Cachet, financial institutions no longer have to perform the arduous tasks of getting a single client on board such as installing check scanners, training end users or answering technical questions. Through RDC Select, scanner installation is performed remotely via the Internet and, after a brief training session with a Cachet Customer Service representative, users can begin scanning checks in less than one hour. All technical questions are handled by Cachet's RDC Select Support team.
Mack says another significant advantage to working with Cachet includes the professional marketing support that it provides to financial institutions. Cachet works directly with banks and credit unions to help market the many advantages of RDC to their customers. A customized marketing plan tailored specifically for each institution is prepared to help roll out the program to commercial and individual customers. Mack says the marketing support is critical to the program's success.
"Our marketing support is second to none and will be a key differentiator in this industry," he says. "Financial institutions are always looking for better ways to reach their customers and extend their relationships with them. RDC Select does that for them."
About Cachet Financial Solutions
Cachet Financial Solutions is a leading provider of remote deposit capture solutions for financial institutions and their customers. For more information, please visit www.cachetfinancial.com.
SOURCE Cachet Financial Solutions