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No PC required
Carriers convey
checks and deposit
information
Three Easy Steps:
1 - Enter deposit
information
2 - Adhere checks
3 - And fax
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CheckFaxRDC software at the receiving end automatically:
• Crops & aligns
• Assesses image quality
• Pairs front and back images of checks
• Reads
check and deposit data
• Relates and proves checks to the deposit
• Handles exceptions
• And sends the data into the RDC processors workflow
Learn More...
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Allows the use of the automatic document feed
scanner, enabling multiple checks to be scanned more easily and
quickly
Software can be incorporated into existing
applications
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Use of a carrier ensures check alignment, eliminating
operator intervention and simplifying processing
The CheckScanRDC unique identifier ensures that check fronts
and back are correctly paired regardless of the order in which they are
scanned
Learn More...
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Lighthouse
Consulting Group, LLC, (www.lgcllc.biz) has developed two products,
CheckFaxRDC and CheckScanRDC, targeted at serving small and home office
based businesses with low volume check deposit requirements. In
an effort to better understand the characteristics of this market
segment, Lighthouse Consulting Group has conducted web based surveys in
2007 and again in 2010-11. The results of the more recent survey are described below.
Highlights
• Small
and Home Businesses are very much interested in obtaining the
benefits
of RDC that are offered to larger businesses, but aren’t seeing
them
yet.
• 70% of
respondents were interested in a way to deposit checks without
making a
trip to the bank, up from 58% in the 2007 survey.
• RDC penetration of the small business market is very, very low.
• The vast
majority of checks are still being deposited using tellers, as in
2007. In the 2010 survey we are just starting to see the use of
dedicated check scanners. No respondents reported using cell phones,
flat bed scanners, or multi function devices (MFDs) for RDC.
• Small
and home businesses have a high value associated with each
check
deposited because of: 1) having a low deposit volume over which
to
spread the cost of going to the bank, and 2) often having high value
personnel making the trip to the bank.
• For
respondents, the average value per check deposited (not the check
amount) was $17. This suggest a variable cost RDC solution can
charge significantly more per check than is currently being charged high
volume depositors.
• Respondents are interested in using a variety of existing devices to
enable RDC.
• Cell phones do not appear to be the device of choice for most
respondents.
•
Respondents are interested in using a variety of existing devices to
enable RDC – document scanners, multifunction devices and fax
machines;
and to a lesser extent cell phones.
• Of those interested in an RDC solution, 54% were interested in using a
special carrier to fax checks to their bank.
• Those
interested in using a special carrier to fax checks to their bank
would
be willing to spend on average $.37 additional per check to make
the deposit from their office. Different groups have different price points
with peaks at $.10, $.25, $.50, and $1.00. While the question was
asked to those interested in a carrier based Fax solution, the results
could probably be safely applied to all types of RDC solutions.
Read Full Survey Results
Download Survey Results as a PDF
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CheckFax Remote Deposit Capture Technology Enables Deposits from Fax Machines and Multi Function Devices
Wenham, Mass. — June 3, 2011
— Lighthouse Consulting Group, LLC, a management consulting firm and
remote deposit capture (RDC) innovator, today announced it has received
a United States patent for its CheckFaxRDC application.
In
a process similar to banks accepting check deposits through dedicated
check scanners attached to PCs, the LCG technology allows users to
deposit personal or business checks into their bank accounts from their
offices by using imaging devices they already own, such as fax machines
and multifunction devices (MFDs). No PC is required. Carriers convey
checks and deposit information. Three Easy Steps: 1) Enter deposit
information; 2) Adhere checks to carriers; and 3) Fax. The now-patented
application relies on LCG’s expertise in RDC technology and
understanding the needs of small and home business that deposit 100 or
fewer checks per month.
The U.S. Patent and Trademark Office granted LCG patent No. 7,950,698 B2 on May 31, 2011.
“We’re
pleased to receive the U.S. Patent Office’s formal notice that our
CheckFaxRDC application is now a patented capability,” said LCG
President Bob Popadic. “We made it simple and convenient for the user,
and at the same time designed it for easy integration into existing RDC
and check processes. We invested a lot of thought leadership,
time and money into making CheckFaxRDC a unique way to deposit checks
for the millions of small and home business people who otherwise would
be unable to enjoy the benefits of remote deposit capture.”
CheckFaxRDC
allows the use of single sided imaging devices for RDC, while assuring
the integrity of the deposit and individual checks. A unique identifier
enables pairing of front and back images of checks regardless of the
order in which the checks are imaged or transmitted. The LCG software
receives the transmitted carrier images, including checks and deposit
information; extracts, crops and aligns the checks; assesses image
quality; pairs the front and back images of checks; reads check and
deposit data; relates and proves checks to the deposit; handles
exceptions; and sends the data into the RDC workflow.
The
patent covers a method for remote depositing negotiable instruments:
using a carrier that permits imaging of the front and back of the
negotiable instrument; securing the negotiable instrument to the
carrier; creating a unique identifier on the front and back sides of
the carrier; generating an electronic image of the negotiable
instrument and unique identifier; transmitting that image; and pairing
at a remote location the front and back images using the unique
identifier.
The
patent also covers providing an area on the surface of the carrier to
provide deposit information, and securing a deposit ticket to the
carrier. Also covered are a variety of carrier types and methods for
preventing redeposit.
Download Press Release as a PDF
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The 2010 Small and Home Business Check Deposit Practices survey is now
closed. We'd like to thank everyone who participated. Survey results
will be available on our website soon.
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