Bank stepping up the pace with remote deposit technology.
Metropolitan National Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007. The bank now continues under the new name of The Bank of New York Mellon Corporation. [Metbank] says it will unveil new remote deposit technology that will let clients use a desktop scanner (1) See also antivirus program.
(2) An optical device that reads a printed page or transparency and converts it into a graphics image for the computer. The scanner does not recognize or differentiate in any manner the content of the material it is scanning. to deposit checks directly into their accounts.
The remote check imaging system is compliant with the Check 21 Act, a law designed to reduce and ultimately eliminate paper check processing, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Mark R. DeFazio, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Metbank.
"First use of the system will be to scan and process paper checks received at our three branch locations, at headquarters and at 15 Financial Centers operated by Metbank's CashZone Check Cashing Corporation subsidiary," says DeFazio. He says that this will create efficiencies and significantly reduce costs by eliminating the need to physically handle the thousands of paper checks that the institution processes each day.
"The system will be a great convenience for our commercial clients," he adds, noting that a survey the bank conducted among its business clients showed that 75% of them would use it. DeFazio says implementation of the technology "should also have a significant impact on the growth of our deposits. By providing clients with scanners linked to the bank via a secure Internet site, we've essentially created a way to accept remote deposits in real time from anywhere. Thus, the possibilities are limitless. Essentially, we will be opening new branches right in our clients' offices."
"Meanwhile, the same imaging system will be employed to provide nationwide convenience for CashZone clients via a strategic partnership, which we hope to announce soon, with a major national retailer. Clients with active CashZone Visa Debit
The old Visa and Delta logos. Cards will be able to load their payroll checks or cash onto their cards at any of the chain's locations once its stores are fitted with the remote depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. technology."