NetDeposit, Inc., an innovator in Check 21 software and a top provider of remote deposit capture (RDC) solutions for the financial industry, announced that Deutsche Bank, a frontrunner in global cash management, has chosen NetDeposit to enable RDC of U.S. dollar checks. Deutsche Bank plans to offer NetDeposit's RDC services to its customers this year.
Depositing funds drawn on US banks has traditionally been a challenging task for international banks. The process requires time and cost to transport a check from the bank it is deposited at to the clearing agent. NetDeposit offers the first solution on the market that enables institutions such as Deutsche Bank to bypass the time and cost barriers to clearing these funds.
"As a major global cash management provider and a market leader in wholesale cash letter services, Deutsche Bank is committed to adopting the latest in world-class technology," said George Stein, Head of Check Services, Global Transaction Banking - Cash Management, Deutsche Bank. "After evaluating many options, we selected NetDeposit's solution for its proven ability to enable RDC for large banking institutions."
NetDeposit's solution gives banks the advantage of serving customers better with the convenience of remote deposit. RDC services can eliminate geography and the high costs required to physically transport checks for clearing.
"In the world of modern payments, the market is expecting solutions that improve the process," said Danne Buchanan, CEO of NetDeposit. "Deutsche Bank's move to offer NetDeposit's RDC services demonstrates that it is an institution that is committed to leading the payments industry."
Deutsche Bank joins a group of elite financial institutions that are currently partnering with NetDeposit to pioneer the reengineering of their payments platforms.