What are Remote Deposit Services?

Remote Deposit Services are high-tech methods of processing checks that a credit union, ATM, or member's business takes in for deposit.

How Do Remote Deposit Services Work?

Items are captured at a credit union's branch location, ATM, or member's business on a scanner.and transmitted to a central processing facility. Depending on your credit union's specific configuration, the images are either transmitted directly from each location to Southwest Corporate or through a consolidated communication point defined with the credit union's network. All encoding/data entry and batch level balancing is performed by Southwest Corporate staff located in one of three item processing facilities.

What does Remote Deposit have to do with Check 21?

To remain competitive in the post Check 21 image-based processing environment, it is important for credit unions to capture and truncate check transactions as early in the clearing process as possible. Remote Deposit streamlines the workflow for check image capture, balancing, and clearing. This solution increases productivity, optimizes accuracy, dramatically lowers operating costs, and opens up opportunities for new value-added services.

Although Check 21 does not involve image exchange in any way, it does set the stage for future development. For instance, after October 28, 2004, a substitute check will have the same legal equivalency as an original check. By leveraging the technology of Remote Deposit, credit unions will have an alternative to a paper-based system.

What's the difference between Remote Deposit Branch Capture and Teller Capture?

Will the way my credit union currently processes deposits change?

Remote Deposit allows Southwest Corporate's member credit unions to image-capture and truncate checks at their branch locations, and then to transmit the images to Southwest Corporate's item processing centers. Posting and processing can begin immediately after transmission to the corporate centers.

Does my credit union have to participate in Remote Deposit?

No, your credit union may continue to process the paper checks it receives for deposit. However, check image exchange capabilities and its seamless incorporation into Southwest Corporate's existing image-based check processing operations will be important for member credit unions that want to remain competitive and up-to-date in the payments business.

How will I know if Remote Deposit Services are right for my credit union?

Visit with a Southwest Corporate Remote Deposit Services expert today by calling 800.442.5763. Be sure to ask for a customizable business case analysis to see how much your credit union can save.

Still have some questions?

Contact the experts at Southwest Corporate at 800.442.5763, or send an email to the Remote Deposit Services Team.