Remote Deposit Capture (Rdc) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023

RDC is a three-step method of scanning the digital image, check, verifying it and then depositing it into the bank. It minimizes the time needed to deposit checks and at the same time facilitates savings, thereby removing the need of buying deposit slips, photocopying checks, engaging employees for depositing checks, and various other business activities. RDC also includes intelligent document and character recognition, ability to feed internal systems, data management through business rules, smart clearing capabilities which is further adding value to the banking industry. Presently, the basic requirement for an RDC service includes a check scanner, an internet connection, a personal computer (PC), and a service provider such as the current bank. Checks which are received at the bank or corporate location are scanned to create a digital deposit. Then this digital deposit is transmitted to the concerned RDC bank or service through an encrypted internet connection. The RDC service allows for the checks to be truncated and cleared electronically. Hence, RDC service provides better convenience, deposit availability and low transportation cost and risk in the check deposit process.

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The rising benefits of merchant RDC such as same day ledger transaction, improved cash flow, efficient customer service, and convenience of depositing checks in-house are boosting the growth of global RDC market. Furthermore, the introduction of new innovative products and low-cost scanners are further expected to bolster the global RDC market. The evolution of new advanced smartphones and other electronic gadgets such as tablets are further providing greater accessibility to these services, thereby bolstering the market demand worldwide. For instance in 2009, the United Services Automobile Association (USAA) became the first bank that allowed its...