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What is Remote Deposit Capture?
 The RapidREMIT® tecnology is based on legislation passed as a direct result of the terrorist attacks on September 11, 2001. As the airplanes were grounded for several days there were literally billions of dollars worth of paper checks sitting in the cargo bays of commercial jetliners waiting to be transferred to and cleared at banks all across the country. Because the deposits did not arrive at the banks as originally scheduled, companies were forced to open billions of dollars in lines of credit with their financial institutions. The Check 21 Act allows for all checks (except foreign) to be cleared as an image. RapidREMIT® allows users at distributed locations, central offices and lockbox environments, to have a check scanner to capture the image. The RapidREMIT® software then converts paper checks into ARC and BOC ACH transactions and a check image is transmitted electronically to the bank for deposit.
RapidREMIT® will enable you to:
• Accept all forms of payment (except foreign currency)
• Add configurable data fields, payment coupons or remittance stubs
• Monitor incoming payments across the organization/enterprise
• Deposit payments electronically to the financial institution(s) of your choice rather than the traditional way of taking the physical paper check to the bank
• Update the back office AR systems in real time
This unique payment gateway is designed to streamline the Accounts Receivable and Back Office processes by eliminating the time and costs associated with payment processing and correcting data entry errors without sacrificing security.
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