By Wally Vogel (www.wvogel@creditron.com)
When remote deposit capture (RDC) first burst onto the scene, it was billed as a way for companies to eliminate daily trips to the bank. Today, reducing the time and costs associated with depositing checks is still a key factor in the adoption of the technology. But application of the technology has also evolved into a compliment to remittance processing, such as a way for far-flung sales agents to capture check images more quickly – helping to drive faster funds availability and enhanced service.
RDC is a product of The Check Clearing for the 21st Century Act (“Check 21”), a federal law enacted in 2004 that allows billers to electronically capture and transmit (via X9.37 file format) images of checks to their financial institution for clearing. Integrated balancing and automated character recognition tools assist billers in building balanced deposits. Once deposits are transmitted, original checks are truncated (retained) and eventually destroyed. Upon receipt of the file, the bank validates the items, performs any necessary corrections, and creates an image cash letter (or ICL) for deposit.
A Compliment to Remittance Processing
It didn’t take long for billers to recognize that RDC could be used to compliment -- and streamline -- remittance processing, which has historically been a back-office task. By capturing payment images and data at the point of presentment, and integrating the images and data with the back-office payments stream -- rather than redirecting the payments to the back-office -- billers can accelerate processing and funds availability; eliminate the costs to ship or transport payments to the back-office; offload some of the work from their back-office staff (and maybe even offload the work from their staff altogether); free back-office staff to perform other functions; and reduce paper handling and the associated costs. What’s more, capturing payments information sooner provides benefits such as faster posting, better visibility into receivables, and faster responses to customer inquiries.
The best part: remote deposit capture accomplishes all of this without requiring much upfront cost.
New RDC technologies are further expanding the applicability of the technology as a compliment to back-office remittance processing. For instance, support for flatbed TWAIN scanners enables consumers or remote employees to capture payments without the requirement for a specialized check scanner. Recognizing that the user in this environment may not be trained in payment processing, software guides the user through the scanning process. Another advancement in RDC is the use of smartphones to capture payment images. This enables field agents to capture payment images without having to transport or ship them to the back-office for processing – greatly speeding posting.
The Bottom Line
By complimenting back-office remittance processing with RDC, funds are available sooner, overall costs are improved, and customer service is enhanced. And because of the low overhead associated with RDC, growth in the biller’s remittance volume can be accommodated without a corresponding growth in the biller’s back-office infrastructure – meaning they can avoid a lot of capital expense.
Friday, July 30, 2010
Thursday, July 29, 2010
Network like it’s your job
Posted by Mark Brousseau
Finding a job in today’s job market can be like conquering a new frontier for many job seekers. With the unemployment rate still over 9 percent, the job market has been flooded with tons of competition for job seekers—many of whom are experiencing a culture shock when they send out their résumés. After all, the days of mailing in your résumé and receiving a phone call to set up an interview are over. Today, everything is done online, from sending in your résumé to setting up your first interview—and nine times out of ten, you’re lucky to receive any kind of response, even if it’s an automatic one thanking you for your submission.
It doesn’t take long to discover that in a virtual world it can be very difficult to get noticed by the decision makers whom you need to impress in order to land the job. Maribeth Kuzmeski says there are three easy steps to getting noticed in today’s digitally dominated job market—networking, networking, networking.
“Today you need more than a résumé and a cover letter to get that dream job,” says Kuzmeski, author of The Connectors: How the World’s Most Successful Businesspeople Build Relationships and Win Clients for Life. “Think of yourself as CEO of Me, Myself, and I, Inc. You need to be doing everything you can to get the word out about your brand. That means networking.
“Great networkers are capable of leaving something behind with everyone they encounter—a thought, a memory, or a connection. This is exactly what you need to do if you are in the job market. You need to make strong connections, become a relationship builder. You want to be the first person who comes to mind when someone in your network hears about a great job opening.”
Kuzmeski offers advice for how you can network your way to a great new job:
... Rejuvenate your résumé.
... Build your online résumé using LinkedIn.
... Get face-to-face with potential employers!
... Make an impact by using video.
... Become a contrarian networker.
... Let them do the talking.
... Be prepared to pitch yourself in fifteen seconds.
... Network to the people you know.
... Get involved in organizations that are connected to your profession.
... Volunteer.
... Be a mover and a shaker.
... Always be networking.
“Trying to find a job in such an overcrowded job market can be a daunting task,” says Kuzmeski. “But by placing a renewed focus on networking, you open yourself up to many more opportunities than just the ones on the job boards or those being offered at your local job fair. I truly feel that there are only six degrees of separation between everyone in the world—or at the very least the U.S. Every time you make a new connection you get that much closer to a great new opportunity.”
What do you think?
Finding a job in today’s job market can be like conquering a new frontier for many job seekers. With the unemployment rate still over 9 percent, the job market has been flooded with tons of competition for job seekers—many of whom are experiencing a culture shock when they send out their résumés. After all, the days of mailing in your résumé and receiving a phone call to set up an interview are over. Today, everything is done online, from sending in your résumé to setting up your first interview—and nine times out of ten, you’re lucky to receive any kind of response, even if it’s an automatic one thanking you for your submission.
It doesn’t take long to discover that in a virtual world it can be very difficult to get noticed by the decision makers whom you need to impress in order to land the job. Maribeth Kuzmeski says there are three easy steps to getting noticed in today’s digitally dominated job market—networking, networking, networking.
“Today you need more than a résumé and a cover letter to get that dream job,” says Kuzmeski, author of The Connectors: How the World’s Most Successful Businesspeople Build Relationships and Win Clients for Life. “Think of yourself as CEO of Me, Myself, and I, Inc. You need to be doing everything you can to get the word out about your brand. That means networking.
“Great networkers are capable of leaving something behind with everyone they encounter—a thought, a memory, or a connection. This is exactly what you need to do if you are in the job market. You need to make strong connections, become a relationship builder. You want to be the first person who comes to mind when someone in your network hears about a great job opening.”
Kuzmeski offers advice for how you can network your way to a great new job:
... Rejuvenate your résumé.
... Build your online résumé using LinkedIn.
... Get face-to-face with potential employers!
... Make an impact by using video.
... Become a contrarian networker.
... Let them do the talking.
... Be prepared to pitch yourself in fifteen seconds.
... Network to the people you know.
... Get involved in organizations that are connected to your profession.
... Volunteer.
... Be a mover and a shaker.
... Always be networking.
“Trying to find a job in such an overcrowded job market can be a daunting task,” says Kuzmeski. “But by placing a renewed focus on networking, you open yourself up to many more opportunities than just the ones on the job boards or those being offered at your local job fair. I truly feel that there are only six degrees of separation between everyone in the world—or at the very least the U.S. Every time you make a new connection you get that much closer to a great new opportunity.”
What do you think?
Tuesday, July 27, 2010
Electronic invoicing gains momentum
Posted by Mark Brousseau
Accounts Payable (AP) functions are still drowning in paper, but that may be about to change. According to APQC’s Open Standards Benchmarking in accounts payable, on average 69.4 percent of invoices still require manual re-keying of line-item data, and only 20.1 percent of invoice line items are received electronically. Although myriad technologies perform an incredible array of tasks in successful companies around the globe, APQC (www.apqc.org) notes that AP departments are only now approaching the crucial tipping point where electronic invoicing will overtake manual, paper-based processes, a milestone expected to occur in 2011.
Electronic payment systems now on the market promise efficient communication, reliable audit trails, and faster/smoother data processing between internal departments and external suppliers. Differing systems offer various levels of transparency, approvals, and monitoring from procurement to payment. However, the common theme is less paper and less manual keying of data.
APQC says a typical transaction begins when a purchase order request is entered into the buyer’s system; once a supervisor provides approval, the appropriate vendor is notified. The vendor then generates an invoice while simultaneously arranging delivery of their goods or services. The invoice is then routed electronically to the AP department, which matches the invoice to the purchase order and, often, other documents that prove that goods or services were received as expected. Once the verification is complete, the transfer of the payment is then triggered.
The level of automation and sophistication can vary widely; a PDF of an invoice sent via email sits on one end of the automation spectrum, with a fully “touchless” integrated system that connects buyer and seller at the other end.
Automated payment technology has been in place at many large companies for years, but the systems were often large-scale customized initiatives, expensive both to build and maintain. As more advanced technology tools arrive on the market, the costs as well as the barriers to implementation continue to fall, APQC concludes.
What do you think?
Accounts Payable (AP) functions are still drowning in paper, but that may be about to change. According to APQC’s Open Standards Benchmarking in accounts payable, on average 69.4 percent of invoices still require manual re-keying of line-item data, and only 20.1 percent of invoice line items are received electronically. Although myriad technologies perform an incredible array of tasks in successful companies around the globe, APQC (www.apqc.org) notes that AP departments are only now approaching the crucial tipping point where electronic invoicing will overtake manual, paper-based processes, a milestone expected to occur in 2011.
Electronic payment systems now on the market promise efficient communication, reliable audit trails, and faster/smoother data processing between internal departments and external suppliers. Differing systems offer various levels of transparency, approvals, and monitoring from procurement to payment. However, the common theme is less paper and less manual keying of data.
APQC says a typical transaction begins when a purchase order request is entered into the buyer’s system; once a supervisor provides approval, the appropriate vendor is notified. The vendor then generates an invoice while simultaneously arranging delivery of their goods or services. The invoice is then routed electronically to the AP department, which matches the invoice to the purchase order and, often, other documents that prove that goods or services were received as expected. Once the verification is complete, the transfer of the payment is then triggered.
The level of automation and sophistication can vary widely; a PDF of an invoice sent via email sits on one end of the automation spectrum, with a fully “touchless” integrated system that connects buyer and seller at the other end.
Automated payment technology has been in place at many large companies for years, but the systems were often large-scale customized initiatives, expensive both to build and maintain. As more advanced technology tools arrive on the market, the costs as well as the barriers to implementation continue to fall, APQC concludes.
What do you think?
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