VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that its remote deposit capture (RDC) solutions comply with the guidelines released by Federal Financial Institutions Examination Council (FFIEC) in January.
Under the new guidance, institutions that use RDC systems are required to honor the Bank Secrecy Act and Anti-Money Laundering practices and guard against intentional or unintentional alteration of deposit information and duplicate presentment. Institutions are expected to maintain compatible and integrated IT systems that support multi-factor authentication, business continuity and robust reporting.
VSoft's toolkit, incorporated in its RDC solutions including Branch Capture, Merchant Capture and Consumer Capture, allows customers to easily meet the compliance guidance issued by FFIEC. VSoft's solutions provide a flexible configuration mechanism that allows financial institutions to set specific thresholds for processing items. As the items are captured, they are validated automatically against these thresholds. The duplicate item detection feature ensures that individual items are deposited just once whether electronically or physically. A review and approval process based on the threshold configuration settings is also part of the solution and enables institutions to mitigate risks and improve customer satisfaction.
"At VSoft, we provide solutions that adhere to federal guidelines, ensuring that our clients have quality check processing solutions in place," said Murthy Veeraghanta, president and CEO, VSoft Corporation. "In addition to our solutions and toolkits, we also provide consulting services to assist with agreements, pricing, marketing and risk models, and to ensure that our customers are able to fully benefit from Check 21 under federal regulations."