Consumers Can Now Use Software as a Service Banking at Home
Article by Melissa Peterman
When pizza delivery first began, it was considered quite the luxury and instead of something we just expect today. Grocery delivery, online movie rentals and on-demand movies are all conveniences that Americans are more than happy to indulge in- especially if that saves them a little time. Online banking has been available for quite some time, but another time saving advantage has just been announced for people who do online banking and would like one more reason to stay at home- check cashing.
A new banking software as a service (SaaS) option for check cashing has just been announced. The software allows bank customers to deposit checks into their checking and savings accounts without having to purchase new hardware or leave their house! By using just a flatbed scanner that many people already have in their homes, people can scan their own checks right to their bank accounts via their own computers using this new software as a service (SaaS)option. The online software called NCR APTRA Consumer Passport and can be integrated with any online financial institution a person is banking with.
Why Would Consumers Want This At Home Banking Option?Being able to deposit checks remotely was previously available only to businesses, but now anyone who needs to deposit a check can do so using this software as a service option. Why would this be of interest to many people if the paper check that we know today is slowly going digital?
* Small businesses can save time depositing checks at their business instead of running off to the bank.* It’s an ideal household convenience for cashing rebate checks or a child’s birthday check.* Persons with disabilities can stay in the comfort of their home to cash a check.* Anyone who doesn’t have convenient access to their bank can cash a check at home.
How it WorksOnce the check is endorsed, both sides the check is scanned into the system. The image and data of the check will then be digitally sent through the online banking institution for validation and clearing.
Like any online service that involves financial exchanges, there is always a small risk that someone could potentially infiltrate the system and steal one’s identity, but since checks need to be endorsed, there is that added security when scanning checks into a secure online system. The Federal Financial Institutions Examination Council (FFIEC) has established guidelines to match the software as a service check scanning service. The software also sets deposit limits and logs each transaction, which creates reports that banking managers and users can research or audit. Consumers and banks save time, transportation costs and even labor costs with new check scanning software as a service. You may consider getting check scanning software next time you are waiting in a line a block long at your bank only to cash a small check that costs less than all the time you spent to get it cashed.
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