Remote Deposit Capture Solutions 2013: ABCD Vendor View

by Bob Meara, January 6, 2014
Vendor Reviews
North America

Abstract

As the race to market with remote deposit capture solutions moves from commercial to consumer mobile, some banks are rethinking what they already have installed. As of 2013, barely 10% of US financial institutions offer mobile RDC (mRDC) to consumers.

Remote deposit capture (RDC) emerged rapidly after the passage of Check 21 legislation in 2004 and hasn’t slowed down since. Instead, it’s been a race to market, or rather a series of them. First it was branch capture, then it was a race to offer RDC solutions to large commercial clients. Next was the race to avail those solutions to small business customers and finally consumers. This race will continue into 2014, with a growing number of banks integrating mRDC into commercial RDC platforms. In addition to hastily seeking mobile RDC solutions, many banks are rethinking their legacy products. In the report Remote Deposit Capture Solutions 2013: ABCD Vendor View, Celent provides a detailed look at 13 RDC solutions.

“There’s going to be lots of vendor selection occurring over the next year or so. Current solutions offer powerful risk and compliance management capabilities that earlier products lacked,” says Bob Meara, Senior Analyst with Celent’s Banking Group and author of the report. “Banks no longer have to play it safe. Instead, RDC -– particularly mobile RDC -– can be a client and deposit acquisition tool.”

This report features Celent’s ABCD Vendor View. The ABCD Vendor View presents comparative views of the vendor landscape in four areas: Advanced technology and technical flexibility, Breadth of functionality, Customer base, and Depth of client services and solutions. The report also presents common solution considerations, a vendor taxonomy, and brief advice to both banks and vendors.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (Boston)
Tylor Tourville
ttourville@celent.com
Tel.: +1 617 424 3284

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023

Table of Contents

Executive Summary

1

A Replacement Market Emerges

4

Solution Trends and Considerations

6

 

Trends

6

 

Considerations

8

 

Feature Inventory

10

Vendor Taxonomy

15

Celent’s ABCD Vendor View

18

 

XCelent Technology and XCelent Functionality

20

 

XCelent Customer Base and XCelent Service

24

Vendor Profiles

29

Cachet Financial Solutions Inc.

30

Ensenta

33

FIS

37

Fiserv – Source Capture Solutions

41

Fiserv – Opencheck

45

FTNI

49

Fundtech

50

Jack Henry & Associates – Alogent

54

Jack Henry & Associates – EPS

58

NCR

62

TransCentra

66

VSoft

69

WAUSAU Financial Systems

72

Concluding Advice

76

Leveraging Celent’s Expertise

77

 

Support for Financial Institutions

77

 

Support for Vendors

77

Related Celent Research

78

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