OCR Only, Oh My!
Wouldn't remote deposit capture (RDC) be a raging success if we didn't have that pesky cost of check scanners in the way? I don't think so. Of course, you expect me to say that - I work for a check scanner manufacturer. But I have to genuinely say - I don't think so.
We talk to users (businesses) and solution providers (software firms and banks) everyday. This supply chain community is well aware that RDC is not just another page scanning operation. It's about payments, money, and demand deposits. As such, this same supply chain recognizes the imperative for risk controls throughout the transaction, and just in case anyone forgot, the FFIEC (US market) was right there to remind us. This includes that critical point in the transaction cycle where the paper check is converted to a digital item for clearing and downstream processing/service applications. Make a mistake here, and what can you expect? Regulatory non-compliance? Fraud? Losses? Errors? Is any member of this payments community willing to forego the safeguards provided by check scanners in the face of these risks? There's an equivalent expectation on the user side of the transaction. Ask a small business that uses a tabletop POS for credit/debit if they expect to use "payments technology" for remote deposit - I think you will find that the answer is a resounding yes.
Check scanners are not to blame for the flatness of the market adoption curve, rather they are a fundamental enabler for the existence of the curve. I look forward to your thoughts!
Author Bio
Michael has more than 20 years of senior executive experience in both sales and marketing. He is responsible for the management of Panini’s Global marketing team and the future direction of the company via product development, strategic planning and market definition. Pratt has spoken at trade events and authored white papers on many industry topics including remote deposit capture, global payments, marketing, branch capture, and more and is excited to share his insights and expertise via the Panini blog.
Comments
Check Scanners
The Panini check scanners have great clarity of scanned images.
So, I would agree that check scanners are not to blame for the flatness of the marketing curve.
Document scanning is something that almost every business is involved in on some level, so I don't think that the fear of technology is a major deterring factor in RDC implementation.
Many service businesses are using electronic check scanners in conjunction with their credit card terminal for immediate processing or rejection at the point of sale.
I surmise that it is like any other change in business culture, just like document management and document scanning , which have become second nature in the business world...we just need to market diligently.
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