RDC - Remote Deposit Capture

When considering the evolution of RDC, the form of Remote Deposit Capture most familiar to the majority of consumers is probably Mobile Remote Deposit Capture or mRDC, which is the act of depositing a cheque using a smartphone app. But it wasn’t always that way (for one thing, in 2004, there were no smartphones).

The initial launch of Remote Deposit can best be described as cautious: Early forms of RDC were offered strictly to large businesses, who were the only ones who could afford it in any case, as the only suitable scanners available were high-speed models costing upwards of £700. As cheaper equipment became available circa 2007, Remote Deposit spread to ever-smaller businesses, and eventually to the first smartphone apps in 2010.

General awareness of RDC remained low in the United States until it came to mobile devices – a 2010 commercial for Chase Quick Deposit (see below) is widely credited with gaining it widespread public attention for the first time.

In fact, when image clearing and RDC first came about in 2004, many consumers distrusted it as a scheme by banks to cut down on “float” (the time between a cheque being deposited and the actual transfer of funds) and earn more fees from bounced cheques.

 

When image-based clearing is rolled out in new countries today, it typically follows the opposite pattern: Consumer mobile apps are among the first products to be launched, and both businesses and individual customers are well aware in advance. When RDC rolled out in Canada in late 2014, banks there reported a backlog of pent-up demand from customers who had been waiting for the service’s release date.

 

History of Remote Deposit Capture

Forms of RDC

RDC and Risk

Image Quality