Like other bank customers who are increasingly relying upon direct deposit and Internet banking for convenience, many businesses are seeking financial services that minimize the need for trips to the bank and assist in payments management. "Remote Deposit Capture" is one of the first tangible services resulting from the Check Clearing for the 21st Century Act - known as Check 21 - which permits banks to treat check images as legal tender.
iStream Financial Services, Inc., is not only convenient for bank customers, but for the bank. The iStream solution can be a completely outsourced or an ala carte solution for Banks sending files (X9.37, Billing, POD,etc.) to their core processing entities. From sales and deployment assistance, to duplicate checking, risk monitoring systems and more, iStream can help banks implement and maintain RDC with minimal to no burden on bank staff. With a SAS 70 Type II certification, external vulnerability testing in conjunction with FDIC audits; iStream provides a safe, sound and secure service to banks throughout the US.
The most versatile and easiest solution on the market can have a business up and running in minutes, not hours or days. A business simply installs a scanner and the web-based application from Wisconsin-based iStream Financial Services. The business gathers all of its check items together and scans them using the scanning device. Using the online deposit slip, the business submits its deposit to the bank via a secure, encrypted Internet connection. The system works with any host or mainframe system, and requires only a PC and an Internet connection.
Once proofed, the deposit is processed for payment and valid deposits are posted within hours. The business can then review its deposits, account activity in real time without going to the bank. Merchants no longer have to worry about deposit deadlines, employee security or the cost of hiring a courier. Not to mention the accuracy of the deposit, the one-of-a-kind paperless return management system and ability to export key data to accounting software (standard and custom).
Contact your FIPCO account executive at 1-800/722-3498 or fipcosales@fipco.com for more information on this innovative product.