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The paper check has a nasty reputation in B2B payments as a cumbersome, manual and risky payment rail. Yet data from the 2016 Association of Financial Professionals’ Electronic Payments Survey released last September actually found a 1 percent increase in corporates’ use of paper checks compared to two years ago.
USAA , the insurance company and bank serving current and former military members and their families, filed a federal lawsuit against Wells Fargo Bank over its use of USAA’s RDC technology. District Court in Marshall, Texas, accuses Wells Fargo of infringing on four of its mobile remotedepositcapture patents.
Legacy systems can be a problem across the board in the payments industry, and corporate deposits are no different. Many of the remotedepositcapture (RDC) systems in place today have been around for 15 years or longer. The RDC station only solved the first part of that problem.
For receivables, Berdan noted that larger banks have done well with lockboxes as have smaller banks have with remotedepositcapture (RDC). Beyond larger institutions, smaller banks can enter the market by using newer capabilities with RemoteDepositCapture (RDC).
In the path of FinTech innovation, many expect the inevitable demise of the paper check. But the data doesn’t lie: Paper checks are alive and well, despite efforts to kill it. The latest in PYMNTS’ Kill the Check series , a collaboration with Ingo Money, highlighted the persistence of paper checks.
A recently filed federal lawsuit over remotedepositcapture technology (RDC) could signal the start of a wider patent-infringement struggle among banks, according to experts. USAA operates only four branches, using scanner- and smartphone-based RDC to serve a global base of customers. Bancorp must pay $3.3
(The Paypers) Ensenta has announced that Live Oak Bank has integrated its Multi-Check API to offer multi-checkremotedepositcapture (RDC) to its small business customers.
With MOX Pay from Malauzai Software , community banks and credit unions will be able to offer their business customers apps that will enable them to accept payments via remotedepositcapture (RDC). The post MOX Pay from Malauzai is First with RDC as Payment Option appeared first on Finovate.
Digital check processing with Biller Genie is secure, efficient, and, most importantly, affordableit costs your business the same as the stamp your customer would purchase to send you a paper check in the mail. You can scan and depositchecks electronically from your office using a secure check reader.
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