Launch of web-based application offers convenience & quicker access to funds Rapid global expansion of US$ check handling service continues
Sibos 2008, Vienna, Austria – Bank of America today announced the launch of a new web-based application to provide clients with quick and convenient access to its Remote Deposit Service anywhere in the world through a consistent, on-line user interface.
Remote Deposit Service, or RDS, is a capability that allows financial institutions and corporates to deposit US dollar-denominated checks into their Bank of America accounts electronically from their desktop using a desktop scanner. Previous versions of RDS required the shipping of software into every country where the client does business and installation onto potentially incompatible local computer systems. The launch of RDS Online will allow companies across the US, Latin America, Europe and Asia instant access at all of their locations. Additionally, clients will gain easier and faster entry electronic check clearing, allowing them in turn to improve cash flows and cash position visibility.
“Bank of America began electronic processing of checks on the first day it was legally possible under the US Check 21 legislation in 2004 and currently clears 70% of all checks as images - more than any other bank,” said Dub Newman, Global Product Management Executive at Bank of America. “Remote Deposit Service brings the benefits of electronic processing directly to the client. We have seen explosive growth in this product, and the introduction of RDS Online will make it even more desirable for our global clients.
“We have deployed the original software-driven implementation of RDS in more than 40 countries, including seven new countries in 2008 alone, and we expect the new online version to further enhance our rapid globalization,” Newman continued.
The bank’s pioneering RDS technology allows the recipient of a paper check to create a digital image from a bank-approved scanner, eliminating the need for further handling of the physical document. Clients transmit images of the check via the Internet for credit to their accounts at Bank of America. The image is then converted by Bank of America into an electronic file or to a substitute check that is sent for onward processing and clearing to the payor's bank.
The new online service allows customers to improve fraud controls and expedite check processing while eliminating trips to the bank. Also, the length of the processing delay is extended since RDS Online has later deadlines. By leveraging this new technology clients can also process larger volumes of checks and make remittance payments. Bank of America has also extended this web-based application for image cash letters.
Through RDS and other electronic check conversion capabilities, Bank of America has processed more than 580 million items worth nearly $900 billion since the Check 21 legislation became law.
--www.theasianbanker.com (September 18 2008)--
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