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EFT Network FAXTellerPLUS
EFT Network’s FAXTellerPLUS is an affordable fax-based remote deposit capture solution. This patent-pending technology provides financial institutions, businesses and consumers to participate and enjoy all of the benefits of remote deposit capture without the expense of a check scanner, internet, hardware equipment or software. A standard fax machine allows users to deposit checks electronically with a depository bank - no special equipment or software to purchase or download.
The technology, developed and supported by EFT Network, is equivalent to EFT Network’s traditional RDC program and remains highly scalable and efficient. FAXTellerPLUS is secure and legal. Checks are handled and processed in the same manner as all other IRD items. The fax machine replaces the scanning, processing and batching out of items by the customer. EFT Network has specially designed check carriers, transparent plastic sleeves with three pockets. Checks are placed inside the check carrier pockets and then are faxed to EFT Network. The check carriers are customizable and contain unique identifiers with both depositor and depository bank information. A confirmation fax is sent back to the originating fax machine or via email each day with the deposit total. Online reporting tools and permanent check images are available through EFT Network’s secure Web based system.
FAXTellerPLUS addresses all MICR and image quality control issues, thus meeting the dual requirements of verifiable image quality and high-speed processing. EFT Network has made image quality assurance Optical Character Recognition and Automatic Cropping seamless components of its FAXTellerPLUS. All check images are analyzed - in real-time — as they are captured to identify potential quality issues.
Why FAXTellerPLUS warrants an Innovative Solutions Award:
1. Provide banks with the ability to offer an affordable RDC solution to their low check volume business banking customers.
2. Eliminates traditional remote deposit capture Costs and Functions.
- Relieves the need to have costly check scanners, high speed internet, software and hardware.
- Replaces the scanning, processing and batching out of items by the customer.
3. Allows businesses with single and multiple locations that receive low check volume (30 checks per day or less) to participate in remote deposit capture using their own fax machine.
4. Banks can gain a Competitive Edge by expanding their RDC product base and offering such an innovative solution.
EFT Network Inc.
www.eftnetwork.com