Bank of America Corp. is now offering a Web-based version of its Remote Deposit Service internationally to let financial institutions and corporations deposit U.S. dollar-denominated checks in their B of A accounts using digital images.
The Charlotte banking company, which announced the service Tuesday, already offered a version of it to customers in 40 countries, but that version requires clients to download software before they could generate check images to send to the bank.
"This opens it up to smaller customers also," primarily small and midsize companies, said Dub Newman, a global product management executive at B of A, in an interview Wednesday from the Sibos conference in Vienna. "We've engineered it for lower volumes of checks," he said. Sibos is sponsored by Swift, the Society for Worldwide Interbank Financial Telecommunication.
B of A said it clears as images 70% of all the checks it processes.