NetDeposit, Inc. an innovator in Check 21 software and leading provider of franchise-building software solutions for the financial industry, announced it has signed an agreement to provide NetDeposit's NetCapture and NetConnect product suites to Chicago-based LaSalle Bank Corporation, which is the holding company for both LaSalle Bank N.A., headquartered in Chicago and Standard Federal Bank N.A. headquartered in Troy, Mich.
With NetCapture and NetConnect, both banks will deliver remote corporate capture to their business and merchant customers.
The Check 21 legislation enacted in October 2004 allows checks to be converted to electronic format at any location, including merchants and businesses, and to be presented for payment using an image replacement document (IRD) or substitute check. This eliminates the need for the original checks to be transported for clearing and is the precursor to complete check image exchange as it develops in the future.
NetDeposit's NetCapture and NetConnect family of products bring the power and promise of check electronification to financial institutions, third party processors and corporations. The NetCapture and NetConnect products work in conjunction with financial institutions' existing paper payment platforms, to provide complete distributed capture and electronic routing without disruption to the legacy infrastructure.
"NetDeposit's distributed capture and electronic processing technology allows financial institutions to take advantage of the new revenue opportunities of the Check 21 environment - the C21 Marketplace," said Danne Buchanan, NetDeposit CEO. "LaSalle Bank and Standard Federal Bank have recognized the benefits to their customers and their business by providing remote capture capabilities offered by NetDeposit."
NetCapture Business is NetDeposit's revolutionary corporate capture product, which enables financial institutions to package and resell the NetDeposit product through Cash Management and Small Business groups to their corporate customers. NetCapture Business simplifies the financial institutions' operational handing of checks, as well as allows these organizations to take advantage of the new revenue opportunities of the C21 marketplace.
NetConnect Decision Gateway is the central decision and routing engine for all electronically presented checks. This product enables electronic processing of check and deposit items submitted to a financial institution as an image cash letter through NetCapture ICL or from a remotely captured check through NetCapture Business. It provides web-based reporting, tracking, and audit tools for all incoming and outgoing items, and assures that all items are accounted for and routed as required by the financial institution. Routing may be as simple as sending electronic checks to an internal third-party image exchange or capture system, or routing directly to any number of electronic cash letter, IRD cash letter, or ARC ODFI endpoints.