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RapiDeposit
 
Inovium News


New Remote Deposit Capture solution from Inovium targets banks and their commercial customers
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 and www.RapiDeposit21.com.

http://www.electronicfunds.com


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