Union Bank has introduced its next-generation remote deposit tool, Remote Deposit Accounts Receivable, which is claimed to improve customers’ operating efficiency by integrating directly with their accounting software and enabling them to update their account receivables in one process.
In the past, users scanned their checks in remote deposit separately and used accounting software to post payments and close outstanding invoices. Now, users can launch remote deposit accounts receivable (A/R) directly from their software, scan their checks, apply the checks to outstanding invoices, according to Union Bank.
The bank said that this next-generation application also offers a feature that recognises customer accounts and matches checks to the correct customer and invoice. This is the first in a series of product enhancements that will integrate remote deposit A/R with some of the business accounting software packages.
Union Bank also said that its remote deposit service provides business customers anywhere in the US the capability of scanning and depositing checks from their office and electronically transmitting them to the bank.
Benefits of remote deposit include: increased cash flow with faster access to funds and expedited clearing of electronic payments; reduced costs related to check handling; consolidation of any number of deposits from different locations into a single account; convenient online payment and remittance information that provide automated updates to customers’ receivables systems; and independence from branch hours and courier pick up schedules.
Gregory Cicero, executive vice president, director of global treasury management at Union Bank, said: Remote deposit is an important strategic initiative that strengthens Union Bank’s national presence and processing capabilities. The integration between remote deposit and the customer’s accounting software eliminates the additional manual processing and improves the customer’s operating efficiency.
