With the Check Clearing for the 21st Century Act (Check 21), financial institutions began to move deposit capture farther away from the back office. Merchant capture is the next step in the evolution of image-based check processing, which allows for commercial customers to electronically capture and remotely transmit items from one institution to another.
With Cavion® Merchant Capture, consumers have the convenience of being able to make error-free, balanced deposits from their place of business. Once complete, the deposits and images are transmitted to the financial institution’s back office for processing and clearing.
Using the application service provider (ASP) model, Cavion Merchant Capture is a web-based solution that allows financial institutions to respond to competitive demands by providing low-cost entry into the merchant capture market. Benefits include lower product deployment costs, touchless upgrades and support, reduced maintenance expense and scalability for both low and high volume usage.
Merchants can submit deposits based on cut-off times set by the processing center, rather than the courier service. Financial institutions can even set special extended deposit deadlines for premium business account holders.
As financial institutions pursue growth, Cavion Merchant Capture provides the means to acquire new clients. The solution enables them to grow easily beyond traditional geographic markets, benefitting from new business without the overhead of having to set up new branches.
Merchant Capture provides an exciting new solution for customers, while helping the financial institution to grow and retain those deposits. If they are able to process deposits from their place of business, customers with regional and national locations can consolidate their banking relationship, resulting in significant savings in account maintenance and transaction fees for them.
Cavion Merchant Capture allows financial institutions to extend cut-off times for existing clients while their need to courier items is eliminated. This ultimately saves them time and money. Cavion Merchant Capture includes extensive reporting capabilities – both for the financial institution and the end-user. Merchants can view check deposit images and data at local, regional or global level. Users can research deposit-related questions and create extensive management reports. They can even interface system data to external accounting applications. And the solution also provides the ability to deliver a more personalized service – the user interface is also available in Spanish and French Canadian for example.
The Risk Monitoring module provides additional risk settings, reports and risk mitigation features including hard limit configuration, while the Location Awareness module gives additional visibility into fraudulent activities.