Wachovia announced today that it has launched Remote Deposit Capture (RDC), a new receivables service that allows Wachovia's Treasury Services clients to electronically deposit checks by sending check images and deposit information to Wachovia.
This service helps Wachovia's clients take advantage of Check 21 legislation, which allows electronic check images to replace actual paper checks. Using RDC, companies can scan checks at their desktops and electronically send check images and deposit information directly to Wachovia.
By using this service, companies are able to reduce their number of deposit banks, save on transportation costs and decrease the float time between receiving and depositing a check. The RDC product also automates the process of creating deposit tickets.
"We are really proud to be able to provide our treasury services clients with this new and innovative means for depositing checks right from their desktops. Early adopters of our RDC product have found that it helps them reduce costs and improve the efficiency of their receivables and funds concentration processes. We're confident that other clients will quickly see these same benefits," said Michael Daley, Senior Vice President and Head of Product Solutions in Wachovia's Treasury Services Division.
"We primarily receive corporate checks, so ARC is not an option for us. RDC is, and since we are not big lockbox users, this is our solution to speed up availability. At full implementation, we anticipate reducing our number of depository banks from around 20 to one or two, having better control over what is being deposited - since information will feed into our treasury workstation - and improved float, since we receive better availability from Wachovia and other big banks than over the counter at local banks," said Christy Wright, Director of Finance and Treasury for business conglomerate EBSCO Industries.
"RDC is the perfect fit for our business. In our organization, local offices send deposits to their regional office prior to making the bank deposit. We recently placed scanning devices in the regional offices, immediately reducing our Days Sales Outstanding (DSO) by four days in the first region. We expect to find DSO improvement to be a common experience in all regions," said Bruce Fisher, Manager of Treasury Services for a domestic unit of a well-known German manufacturing company.