June 21, 2017

The Cost of Remote Deposit Capture

By Jacquelyn Keville, Staff, Assurance Services

The Cost of Remote Deposit Capture

Remote Deposit Capture (“RDC”) was launched by USAA in 2006 in order to allow users to scan checks remotely and transmit the scanned images and ACH-data to financial institutions for posting and clearing.

RDC has become a vital tool for many institutions as it makes depositing checks for customers more convenient. Consumers are also becoming more tech savvy, and with technology today, it is easy to download and navigate mobile apps.

The question now is how much are financial institutions willing to pay in order to keep using this technology. USAA is currently seeking licensing for any use of RDC in order to bring value back to USAA’s membership base and to fuel future innovation on behalf of its members. It will be interesting to see how the institutions using RDC react to the fee that will be charged to utilize this technology. It seems as though the institutions will have to weigh the cost of the licensing fee with the cost of a potential lawsuit. Institutions may have to bear the cost in order to please their customer base.

For more information, please read “USAA Wants Banks to Pay It For Remote Deposit Capture” written by Bryan Yurcan, American Banker.

For additional information or assistance please contact Jacquelyn Keville, Staff, Assurance Services.

American Banker

This commentary represents the unique views of Jacquelyn Keville, and is not representative of Marcum LLP, its partners or its employees.