Software Earnings, a leading developer of check and image processing technologies and services for the financial industry, announced that Batesville, Miss.-based First Security Bank ($496 million in assets) has successfully implemented Merchant Capture and Corporate Capture within the First Touch iCapture Suite, a single remote capture platform.
According to bank officials, several factors played into First Security Bank's decision to offer Software Earnings' First Touch iCapture to retail merchant and corporate customers. An increase in the number of branches the bank operates also meant an increase in costly courier services. When businesses scan checks upon receipt and securely transmit them to First Security Bank, courier costs are eliminated. The same technology enables the bank to expand its potential customer base, because payments can be deposited regardless of geographic location.
"Through specific product and service offerings, such as First Touch iCapture, First Security Bank is poised to improve customer loyalty and growth, while decreasing operational costs," said Teresa Boggan, vice president, Personnel and Operations officer for First Security Bank. "Retail merchant and corporate remote deposit capture offers our bank and our customers improved efficiency, funds availability and cost savings."
First Touch iCapture has also improved back office check processing at First Security Bank and funds availability to its customers. Employees no longer have to manually scan and proof checks, and customers no longer have to wait until the next business day for funds availability.
"The value proposition behind remote deposit capture is hard to deny," said Trent Fleming, senior vice president, Strategic Market Development for Software Earnings. "But not all banks are realizing the true benefit of remote deposit capture and sharing the value with customers. It is banks like First Security Bank - banks that capitalize on every opportunity remote deposit capture affords - that expand and protect their customer base, streamline the deposit of checks, eliminate transportation costs and improve the availability of funds."