JPMorgan Chase, a full-service provider of cash management, trade finance, and treasury solutions, today unveiled its new Image Deposit Direct solution for electronically depositing payments.
Image Deposit Direct utilizes image capture technology to streamline the check deposit process, which makes check processing more cost-effective, speeds up unpaid item returns, and accelerates funds availability.
"Image Deposit Direct allows our clients to significantly improve their revenue stream by having faster availability of their funds, while minimizing costs associated with traditional paper-based check deposit processes," stated Craig Vaream, vice president and Domestic Check Deposits senior product manager for the Treasury Services unit of JPMorgan Chase. "As the nation's second-largest check processor and the largest U.S. dollar clearer in the world, JPMorgan Chase remains committed to being at the forefront of image capture technology, so we can meet our clients evolving business needs."
Image Deposit Direct includes PC-based software and compact check scanner equipment that allows clients to scan checks from any geographic location and transmit the images to one central account or multiple accounts for electronic deposit. The captured images are then stored in an Internet-based image archive that makes source documents available online. Images can be searched and retrieved through a secure Web browser, streamlining the account research and customer service process. In addition, detailed reporting is available for current and past imaged data.
Key benefits of Image Deposit Direct include:
- Streamline check deposit process with desktop image capture
- Reduce administrative expenses and trips to the bank
- Eliminate the costs of couriers transporting checks
- Avoid fees associated with maintaining accounts at multiple banks
- Accelerate the availability of funds
Image Deposit Solutions
Image Deposit Direct is part of a suite of innovative imaging solutions, which include Image Cash Letter and International Image Deposit Capture. Image Cash Letter reduces the costs, time and risks associated with transporting paper checks, while optimizing funds availability, all by sending electronic images for check processing. JPMorgan Chase is also one of the first financial institutions to provide image deposit capture capabilities in its overseas branches, eliminating the need for clients to make additional investment or changes to their existing internal check operations. International Image Deposit Capture capabilities will be available at JPMorgan Chase hub sites in Frankfurt, Germany; Bournemouth, England; and Zurich, Switzerland. With a global presence in 35 countries, JPMorgan Chase plans to expand its International Image Deposit Capture capabilities to additional European and Asian cities in 2006.