Portland, OR -- (SBWIRE) -- 03/14/2018 -- Remote Deposit Capture, also known as Corporate Capture, Merchant Capture, Image Deposits, etc., is a non-physical check deposit service provided by banks. This technology is at its developing phase.
The process of remote deposit includes issuing of check by a bank, scanning of the check, and transmission of the scanned image/ACH-data to the bank. The bank considers the scanned data as physical check and credits the amount in the beneficiary's account. A Legislation (Check 21 Act) was passed in U.S.A. in October 2003, regarding use of this procedure and was implemented in October 2004.
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Busy schedule, time constraints for businessmen and rising trend of online transactions are primary factors driving the market. On the other hand, possibility of breach in security due to non-transfer of actual physical check might restrain the market growth.
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