US Remote Deposit Capture Service Introduced by HSBC

HSBC Bank USA has launched HSBC Remote Deposit Capture, a service that will enable business customers to capture and transmit images and data of balanced deposits directly to HSBC. The banks said customers would benefit from accelerated clearing and availability, reduced deposit preparation, cleaner deposits through error elimination, earlier transaction posting and elimination of the need to mail deposits. The new service follows the enactment of the Check Clearing for the 21st Century Act last month, which enables the use of check images and substitute checks in the check clearing process. HSBC Remote Deposit Capture check images, validates MICR-lines, automatically reads check amounts, and ensures deposits are balanced prior to the secure transmission of images and data to HSBC. Thus, merchants and other business customers will be able to make deposits electronically, from their places of business, eliminating the time and manual effort required for deposit preparation or the need to visit a local branch.

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