Standard Federal Bank delivers remote cheque deposit service

Source: Standard Federal Bank

Standard Federal Bank is pleased to announce that it now offers a Remote Deposit service as part of its suite of treasury management services.

The Remote Deposit service enables companies to reduce the time it takes to deposit checks while making funds available more quickly. This is accomplished by scanning checks received at the customer's office and transmitting an electronic deposit to Standard Federal Bank for credit directly into a concentration account.

With the institution of Check 21 last year, all US drawn checks can be truncated at any point in the presentment process. For companies that maintain multiple depository banking relationships, Remote Deposit can translate into significant cost savings through the elimination of multiple depository accounts and the fees associated with those accounts, including courier and transportation fees for paper checks and other paper documents. More importantly, this new technology will broaden the bank's marketing landscape because it can now offer companies a way to facilitate the check deposit process outside of its core markets.

"Remote Deposit eliminates certain geographic barriers, giving Standard Federal the opportunity to deepen existing relationships throughout various US markets and grow deposit account customers from outside of its home market," stated Cindy Murray, executive vice president with the Treasury Management group at Standard Federal Bank. "This virtual environment and the cost benefits associated with Remote Deposit will allow us to do just that." Consumer and commercial checks, money orders and cashier's checks can all be electronically deposited.

"Since clients will spend less time bundling checks, preparing deposit slips and making trips to the bank, more time can be spent on core financial management tasks and developing customer relationships," Murray said.

Salt Lake City-based NetDeposit, Inc., will provide the software for their NetCapture and NetConnect software and PC-based document scanners for the banks' customers.

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