Businesses Can Make Bank Deposits Electronically from Anywhere with New Product from First Tennessee

Thursday 4 March 2004 21:33 CET | News

Business managers can now make check deposits from the convenience and safety of their own offices rather than having to incur the expense of armored courier pickups or employees delivering the deposits.

The recent passage of the Check Clearing for the 21st Century Act, or Check 21, laid the groundwork for this innovative service that will give bank customers faster access to their funds. The legislation provides for a new document type called an Image Replacement Document (IRD), which is a legal copy of an original check. First Tennessee provides hardware that enables business customers of any size to capture check images then, via secure encryption software, transmit the scanned images to First Tennessee. From those images a duplicate of the original check is created and the transaction is completed simultaneously. Businesses can choose to process their payments once a day or many times throughout the day. To use the system, a business simply needs a personal computer with an Internet connection. First Tennessee will provide the check scanner, which can be leased or purchased, along with the secure software. The scanner is connected to the computers USB port, and the automatic set-up of the software takes less than five minutes. Images of the scanned checks can be stored at the business, and access is available to multiple users with separate passwords. To determine whether or not this product is right for a business, managers must consider the extra value gained from faster availability of funds, the costs of an armored courier service, and the lost productivity when an employee is driving to the bank rather than working. The cost to process deposits through First Deposit Plus will vary depending on the number and size of transactions and the customers overall relationship with First Tennessee.

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Categories: Payments & Commerce | Payments General
Countries: World
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