Update & Review from BAI Transpay
While the financial crisis clearly had an impact upon attendance at BAI Transpay this year, several substantial events happened there which may have a significant impact upon the RDC Industry.

Panini launched a new scanner dedicated to small business: the Panini I:Deal™. With a list price of $299 and features including dual-sided imaging, MICR reading, auto-alignment and pocketing capabilities, Panini appears to have the first sub-$300 check scanner truly targeted at the small business market. As the industry volume leader, Panini also has a natural advantage to ensure software solutions support the I:Deal. Early adopters include NCR, WAUSAU Financial Systems, Metavante, Jaguar Software, Heartland Payment Systems, J&B Software, Jack Henry ProfitStars, Silver Bullet, and Edward Jones. Industry reaction thus far has been generally favorable. The price point continues to invalidate the argument that RDC scanners are too expensive. More to come on this in an article scheduled for March.

NCR jumped into the mass market RDC arena with their launch of NCR APTRA Consumer Passport which allows consumers to deposit checks into their checking or savings accounts without leaving their homes and without purchasing any new hardware. By supporting TWAIN drivers, NCR enables the use of flatbed and / or “all-in-one” scanners commonly and increasingly found in peoples homes and offices. Now, several of the banking industry’s largest solution and processing providers including FISERV, Fidelity National Information Services -and now NCR, all offer Consumer Capture applications.

RDC on your Mobile Phone? Mitek Systems made several announcements recently, in part disproving the skeptics about the ability to, and the demand for RDC on your mobile phone. Mitek made announcements that two leading RDC Solution Providers, J&B Software and RDM, will be offering ImageNet Mobile Deposit to their customers. In addition, Mitek also announced they are now integrated with mFoundry’s mobile banking application. The pipes are primed for RDC via your mobile phone. This is yet another example of how technology is breaking the traditional barriers of banking by enabling wider use of RDC through greater convenience and by leveraging technologies with multiple capabilities.

Update on activity in the RDC Marketplace
The RDC Marketplace at RemoteDepositCapture.com helps connect RDC Solution Providers with Banks, Businesses and Individuals looking for RDC Solutions. As the RDC Industry continues to grow, so does the RDC Marketplace. Now with over 30 solution providers participating and hundreds of entities looking for solutions through the RDC Marketplace, some very interesting and unique insights into trends and issues can be observed. Here’s what we’ve seen over the past couple of months:

Interest in, and awareness of RDC has increased dramatically: We have seen an increase in the number of organizations coming to the RDC Marketplace to find RDC solutions across all categories. In addition, our discussions with these organizations have shown a generally greater understanding of RDC, and the specific requirements they’re looking for. While the number of Financial Institutions using the RDC Marketplace is up, ISO activity has been especially strong. ISOs representing over 500,000 merchants have come through the marketplace in the past three months. It seems we are again facing a situation where demand from businesses is outpacing the ability of many financial institutions to meet that demand, thus providing an opportunity for ISOs to provide RDC Solutions.

150% Growth: As mentioned in our January Newsletter, despite the financial crisis, we expected over 100% growth in the number of businesses, Financial Institutions and others using our RDC Marketplace to find solution providers. Through February 27th 2009, RDC Marketplace activity has increased over 150% compared to the first 2 months of 2008.

• Federal Regulators Weigh in on RDC
• The FFIEC has issued their report, "Risk Management of Remote Deposit Capture".
• Join The Discussion: Remote Deposit Capture Risk Management Best Practices, Examples and More.
• The Federal Reserve Amends Reg CC to Allow Shorter Hold Times on Checks
• The Financial Crisis Impact Upon the Remote Deposit Capture Industry

Available Now !: RDC Risk Management & FFIEC Compliance

Join John Leekley (Founder & CEO of RemoteDepositCapture.com), Ed McLaughlin (Executive Director of RemoteDepositCapture.com) and Hope Schall, Attorney, Vedder Price P.C., in an engaging 90-minute discussion on RDC Risk Management & FFIEC Compliance.
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• Best Practices in RDC Risk Management – A Financial Institution Perspective.
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• Consumer Capture: How far? How fast?
• A Corporate and Small Business Guide to Remote Deposit Capture.
  
  

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   Scanner Matrix
RemoteDepositCapture.com's Scanner Matrix is a downloadable Microsoft Excel Workbook (.xls file) which lists the details of leading check and document scanners. The advantages of RemoteDepositCapture.com's Scanner Matrix includes the most comprehensive data available - all the information you need to make an informed buying decision.

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Federal Regulators Weigh in on RDC
Prepared for RemoteDepositCapture.com By Patricia A Murphy

The FFIEC has released its long-awaited guidance on Remote Deposit Capture. And while most experts agree their initial reads found no real surprises in the guidance, there is also broad agreement that federal regulators will be looking closely at RDC programs, and for compliance with the guidelines, during upcoming examinations.

"With image exchange, this [RDC] has accelerated faster than anyone thought it would," observed Thomas Carlton, vice president for strategic business development at Certegy, the check services unit of Fidelity National Information Services. "I think they put this guidance out because a lot of people were concerned that what they needed to be doing wasn't written down."

"It needed to be articulated," said John Leekley, founder and CEO of RemoteDepositCapture.com. “Remote deposit has impacts throughout an organization, and thus requires an organization-wide collaborative effort," Leekley said. It"s a reality check, really. The FFIEC has made it clear that RDC products cannot be built in a vacuum."

It’s a Delivery System, Not a Product
The FFIEC is the collective voice of federal financial institution regulators: the FDIC, the Federal Reserve, the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). The guidance on RDC, a prelude to new examination guidelines due out later this year, came in the form of a nine-page document published January 14 under the title Risk Management of Remote Deposit Capture.

"RDC should be viewed as a new delivery system and not simply as a new service," the guidance states. And it drives home regulators’ expectations that just like other new delivery systems that preceded it (e.g.: ATMs and online banking), RDC poses new and unexpected risks that senior management must understand and address. Those risks include, but are not limited to: legal, compliance, reputational and operational.

While the guidance speaks directly to risks associated with RDC deployments at customer locations, the document emphasized that the same basic principles apply across the board to "other forms of electronic deposit delivery systems," including ACH check conversion and mobile banking.

Tony Gautney, executive vice president and head of cash management at First Southern Bank, a $400 million community bank based in Boca Raton, FL, believes the guidance is on point.  "As a banker, you should be going through these exercises regardless of the product," he said. "This guidance is the first in a number of steps that need to take place."

Banks considering RDC also need to identify and understand best practices, customer segmentation strategies and differences in settlement techniques, Gautney explained.

"RDC is not just a new product; it's an entirely new delivery mechanism," said Cary Whaley, director, payments and technology policy at the Independent Community Bankers of America (ICBA), echoing the FFIEC guidance. And although much of what was written is "common sense" and "just good banking business," Whaley, like others interviewed for this article, said he welcomed the FFIEC guidance...

Click Here to Read The Full Article, Discuss this issue and read our full commentary

• Available On-Demand Now!: RDC Risk Management & FFIEC Compliance
• 2009 ICBA National Convention and Techworld in Phoenix, Ariz., March 18-22.
• NACHA Payments 2009, April 5-8 in Orlando, FL.
• WACHA’s Electronic Payments Conference 2009, March 16-18, 2009, Waukesha, WI

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