Bank of New York introduces remote cheque deposit services

Source: Bank of New York

The Bank of New York, a global leader in treasury services, has introduced a new remote check deposit service that allows clients to scan check deposits in their offices and electronically transmit check images and related information to The Bank of New York, greatly reducing the cost, risk and clearing times associated with processing paper checks.

This new global service is designed to allow clients to take advantage of the latest developments in image-based technology as part of the Bank's strategic efforts to improve the check clearing process.

Eric Kamback, executive vice president and head of the global payment services group at The Bank of New York, said, "The Bank of New York made investments in imaging technology and new product development to ensure our ability to support the industry and client needs. Our new service was designed to bring our clients innovative solutions to reduce costs and improve efficiency within their organizations. This is another testament to our commitment to be at the forefront of industry and regulatory changes on behalf of our clients."

To access the service, clients need a Windows-compatible personal computer, software from The Bank of New York and a desktop scanner to scan and store check images, deposit tickets, other check clearing information. Scanned checks and other appropriate information can be transmitted to the Bank via a secure Internet connection, and the software is designed to prove and balance the deposit prior to transmission. When The Bank of New York receives the deposit information, it can prepare the electronic deposit for prompt processing and presentment.

Kamback noted that for most clients the new service may also reduce banking fees related to such items as account maintenance, account sweeps and deposit concentration since multiple locations will be able to make deposits to a single Bank account.

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