If your credit union decides to implement RDC, basic essentials are:
Hardware: Members must have either mobile applications or scanners that will allow for RDC; most manufactured after 1992 are compatible.
Software: Credit unions can opt for either a vendor-developed image capture application or create one in-house or through partnership with vendor resources. The key requirements for RDC software, notes the white paper, are processing integration, channel harmonization, image correction, and usage reports.
Education: Credit unions that implement RDC must educate members on how to use it and avoid common mistakes in check placement and entry. Downloadable user documents and system prompts can help with this effort.
Fraud reduction: A good vendor-based solution should be able to detect and eliminate duplicate/multiple images of the same check. Often this is due to a simple mistake by the end-user as opposed to a criminal’s bilking the system through duplicate presentment. But fraud and risk management controls are critical to any RDC initiative, notes the white paper.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act next week. CUNA President/CEO Jim Nussle said CUNA appreciated the effort to bring regulatory relief to credit unions and other institutions.