Bank of America last week launched a new Web-based version of its Remote Deposit Service [RDS] that will simplify the cross-border deposit activity of financial institutions and corporates who send US dollar-denominated checks into their BofA accounts through digital images. This updates a previous version of the remote deposit software that required desktop software installed in the different geographic locations of the client. The remote deposit service will give clients faster entry electronic check clearing, and improve cash flows and cash position visibility, according to BofA.
Other benefits include improved fraud controls, allowing remittance payments and expedited check processing that extends deadlines for posting with larger volumes of checks. It’s also extended the Web-based application for image cash letters.
RDS has expanded to more than 40 countries in the original software-driven implementation, the bank states. Bank of America “currently clears 70 [percent] of all checks as images - more than any other bank," said Dub Newman, global product management executive at Bank of America, in a press release. “Remote deposit service brings the benefits of electronic processing directly to the client. We have seen explosive growth in this product, and the introduction of RDS Online will make it even more desirable for our global clients.”