New Remote Deposit Capture
solution from Inovium targets banks and their commercial
June 27, 2006
LAS VEGAS -- June 27, 2006 -- Inovium Corp. today announced
the immediate availability of RapiDeposit™, a
remote deposit capture system for companies desiring
the benefits of electronic check deposit. RapiDeposit
features technologies motivated by the Check Clearing
for the 21st Century Act of October 2004, (also known
as Check 21).
Check 21 facilitates significant changes in the way
checks are processed in the U.S. and promises to have
monumental long term effects on the banking industry
and its commercial customers. Check 21 enables the creation
of a digital image of a check (via a desktop image scanner)
and its accelerated transfer, via the Internet, to the
appropriate financial institution. The number of Check
21 system installations in the U.S. is expected to reach
180,000 in 2006 and grow to nearly one million in 2007.
In essence, Inovium’s RapiDeposit system allows
the using organization to rapidly convert incoming checks
to digital images, and transmit these images to the
bank account of their choice – effectively converting
paper checks to electronic funds.
The system offers a number of benefits to its users,
such as convenience in eliminating the need to go to
a banking center on a daily basis. The capability to
make a deposit is expanded beyond the traditional hours,
and the funds are available in 1-2 days as opposed to
3-5 days with traditional paper check processing. Reductions
in both costs through deposit preparation time and out-of-office
time and fraud risk with returned items being identified
sooner are of additional benefit to the user.
The Inovium RapiDeposit system consists of a check
imaging scanner, application management software (EasyScan™),
and optional (CAR/LAR) handwriting reading software
– all running on a Windows personal computer.
The RapiDeposit application also contains two key enhancements
– Payment Scheduler and Manual Capture.
Payment Scheduler allows the using organization to
deploy electronic funds transfer (EFT), thereby introducing
elements of a full electronic payment system to the
user. It also works with credit card payments where
a merchant card system is selected. Manual Capture creates
a virtual terminal for the user, allowing him/her to
enter check information into the system in cases where
the scanner is unable to read a particular check, or
to allow payments over the telephone.
“Although RapiDeposit has tremendous benefits
as a standalone system,” states Jules Kaplan,
Inovium’s Founder and Chairman, “its ultimate
benefit will be derived by integrating it with a robust
electronic billing and payment system such as InoviumPay”.
Inovium Corp. provides electronic billing and payment
solutions, by means of Software-as-a-Service applications,
to medium-size businesses, associations and municipalities.
The company’s headquarters are located in Las
Vegas, with offices in Orange County, Calif., and in
Europe. To learn more about Inovium, visit the company’s
websites at www.Inovium.com