Purepay Receivables Automation, a Purepay portfolio company, recently announced a strategic alliance with RDM Corporation to provide financial institutions with a robust turnkey solution for remote deposit capture (RDC). A pioneer in electronic check conversion and Web-based image and transaction management services, RDM counts among its customers many financial institutions, merchant services and treasury management groups, Independent Sales Organizations (ISOs) and payment processors.
The Purepay RDC solution will provide end-users with everything they need to deposit checks remotely, including: the scanner, required documentation, training (as needed), front-line technical support, and system access. Financial institutions reselling the solution will receive monthly bills detailing system access fees (delineated by lockbox/account) and full transactions records (broken down by account), as a well as a customized Web site to use as a landing zone for clients, and an interface between the RDC solution and Purepay's ItemAge Express. Purepay will serve as the single point of contact for support to financial institutions.
"For financial institutions, remote deposit capture is a sensible solution to the challenge of growth," said Purepay Receivables Automation President Wally Vogel. "By eliminating the physical transport of checks, funds are available faster, security is enhanced, and overall check processing costs are reduced. What's more, growth in the bank's treasury business can be accommodated without a corresponding increase in facilities or back-office staff."
Enabled by the Check 21 legislation, RDC allows bank customers to scan checks, money orders, bank drafts and remittance stubs, balance the batches and make corrections, and electronically transmit the batches via encrypted communications to the bank for deposit. Each capture location requires a small desktop scanner, and a PC with Microsoft Windows Internet Explorer. Setup is simple, and operation is easy, requiring little operator training.
Purepay's ItemAge Express receives transmitted batches for further processing and deposit; to ItemAge Express, the incoming batches look like they are from a back-office scanner. Any additional processing that is required on the batches can be handled within the bank's legacy environment; Purepay RDC requires little or no change to the bank's workflow.
RDC provides financial institutions with streamlined check management: a highly secure, more efficient processing workflow that eliminates the need for bank customers to make daily visits to a bank branch to make deposits. With RDC, deposits can be made at any time, greatly accelerating funds availability, which is critical in our challenging economy.
What's more, Purepay's turnkey approach to RDC means financial institutions don't have to get involved in scanner fulfillment and support. System provisioning and support is handled by a fulfillment company, including hardware distribution, hardware swaps, and first-line technical support. In addition, financial institutions have the ability to brand the solution Web site, the documentation included with the scanner, and (in quantity) the scanner. As required, multiple levels of authority also can be provided through Purepay RDC, with one staff member scanning the checks, and another staff member handling oversight and deposit.
About RDM Corporation
RDM Corporation is headquartered in Waterloo, ON and trades on the Toronto Stock Exchange under the symbol RC. RDM is a leading provider of specialized software and hardware products for electronic payment processing. RDM has pioneered electronic check conversion systems and Webbased image and transaction management services for banks, retailers, payments processors and government agencies, as well as print quality control and image quality system for a variety of global customers. For more information, visit www.rdmcorp.com.
About Purepay Receivables Automation
Purepay Receivables Automation, a Purepay portfolio company, is a leading provider of payment processing, distributed capture, receivables management and electronic billing and payment solutions. Its solutions combine industry standard operating systems and advanced imaging, scanning and data recognition technology to help financial institutions, businesses and other entities optimize operations performance and improve customer service. The company's over 360 North American customers process more than 400 million transactions annually, representing over $100B. For more information, visit www.pure-pay.com.
About Purepay Capital
Purepay is a Columbus-based acquirer and operator of payments companies with a primary focus on automation and transaction processing within the financial services industry. Purepay acquires growing companies, extends their existing capabilities, and accelerates organic growth with the intent of operating the companies long-term. The firm targets a broad set of payments and transaction processing capabilities within the financial services industry. For more information, visit www.purepaycapital.com.
SOURCE: Purepay Receivables Automation