The optimal time for depositing funds
doesn’t always correlate with standard banking hours. After all, in today’s business environment, transactions
can occur around the clock. Fortunately,
the days of having to physically visit a bank
branch before it closes to make deposits
are over.
Comerica business deposit capture
extends the window for making deposits
beyond traditional banking hours. The
image capture solution enables businesses
to scan checks at their office location and
deposit them by transmitting an image file.
Not only does it reduce the need for delivering or mailing paper items, but it also
results in faster access to funds.
In addition to improved funds availability,
the system provides other advantages as
well. “Fraudulent checks are identified
sooner when using business deposit capture, which can help reduce fraud losses,”
says Angela Putrino, assistant vice president of Comerica Bank.
Safeguarding against check fraud
requires diligence and determination.
While it isn’t the primary product function, new technologies such as business
deposit capture are making the process
simpler and more cost-effective by leveraging control and screening options early
in the payment process. Features at the
customer site work with banks systems to
aid in detection and flagging suspect
items.
Smart Business spoke with Putrino
about business deposit capture, the benefits it provides for businesses and the
advances that she envisions in the future.
How does business deposit capture work?
Business deposit capture gives a company the ability to create images of checks
received throughout the day and deposit
them to the bank electronically. The company uses a rapid image scanner to convert checks from paper to electronic
images. The business then sends the
deposit to the bank, via the Internet using
secure and encrypted software, where it
is received and deposited into the appropriate account.
What benefits does the service provide for
business customers?
Electronically making deposits allows a
company to gain the convenience of an
extended deposit window beyond that of
traditional banking center hours. Travel
time to and from a branch to take paper
deposits is eliminated. If a business uses a
courier service, that expense can also be
eliminated or reduced in frequency.
Additionally, funds availability is
improved. No need to hold over checks
received late in the day when branches are
closed or your courier has already made
the pick up at your site. Returned item processing is accelerated due to banks
exchanging image files, which is a faster
process than moving paper checks around
the country.
In summary, a company utilizing business
deposit capture will benefit from increased
productivity, enhanced deposit information, process control and reduced risk of
check loss.
How can business deposit capture improve
record-keeping?
The business deposit capture workstation provides online review of deposited check images, account deposit activity
and other valuable reports. The information captured at each location can be
consolidated by internal company
processes or by reporting platforms,
such as TMC Web. Additionally, a business can improve customer service by
retaining a complete image of the checks
for reference.
Additional options will enable export of
check images from the local workstation
that captured the image to a company
archive for wider access. Images can also
be burned to a CD for storage and
research.
How have technological advances changed
the way that businesses handle their banking
needs?
Technological advances now allow
companies to make deposits without
ever visiting a bank. Web banking and
business deposit capture create win-win
situations for businesses and their banks
by helping everyone become more
streamlined and efficient.
What future advances do you envision?
Business deposit capture is a product
that will be consistently improving in
order to exceed customer expectations.
Several enhancements are currently in
process and will be implemented throughout 2007. For example, in the first quarter
of the year, business deposit capture will
be enhanced to contain optional data
fields that customers can use for input
into accounts receivable or other internal
systems.
As banks increase their acceptance of
image cash letters, customers will see
more advantages of using business
deposit capture. They can have improved
funds availability, longer processing
hours, and improved deposit reporting all
without leaving their office.
ANGELA PUTRINO is assistant vice president of Comerica Bank. Reach her at (619) 338-1530 or [email protected].