At a Race for the Cure this Saturday, check imaging technology from JPMorgan Chase will be used to scan checks and deposit them directly into the checking account of Susan G. Komen for the Cure Northeast Ohio Affiliate.The Komen organization has used Chase’s IDD solution to support treasury operations for two years. Saturday will be the first time that it will take the remote deposit technology to the field to perform check collection and processing. Komen expects to collect more than $100,000 on race day from late race entrants and donors.
“In the past, it often took us weeks to process all of the checks we collected on race day,” said Sophie Sureau, Komen Northeast Ohio executive director, in a statement. “Thanks to Chase, we now have the flexibility to manage this task outside of the office and deposit checks from the race day site. Chase’s solution will enable us to image and deposit all the funds from race day no later than noontime. By getting donations and registration fees into our bank account more quickly, we are improving cash flow and freeing up funds that can be used to support additional life-saving programs.”
Chase’s IDD is a remote deposit solution — clients deposit checks and money orders from their place of business by scanning them into images and transmitting the images to Chase for clearing. Clients can make deposits to their Chase account from any location and import detailed deposit activity reports into their accounts receivable system. Scanned check and remittance information images are stored in Chase’s image archive and made available for up to 25 months.
The bank says the system offers strong deposit risk controls: check images are automatically analyzed for signs of fraud; there are tools in place to help detect duplicate checks; and the electronic deposit process enables Chase monitor deposit activity and stop suspicious activity in an automated way. In addition, having the ability to process checks on-site eliminates the possibility of losing or misplacing the checks before deposit, but most importantly speeds the deposit and therefore use of funds for client.