In 2008, Fiserv introduced Source Capture Solutions(R), a unique set of products to enhance the reliability, versatility and scalability of image capture and check processing with a common web based platform. This solution set includes branch, merchant, teller, ATM, consumer and small office capture all on a common web platform that enable remote deposit capture.
"Adoption rates of solutions that enable remote deposit capture have accelerated greatly since Fiserv announced the migration of all of its capture solutions to its Source Capture Solutions platform. Since then, not only are new deployments up, but the rate at which existing clients are upgrading to our Source Capture Solutions is astonishing," said Teri Carstensen, president, Item Processing and Payment Solutions, Fiserv. "With remote deposit capture, our clients realize cost savings and increased customer satisfaction and for many, an expanded geographic footprint. The increased interest in our remote deposit capture solutions is a testament to the technology, expertise and client focus that financial institutions experience when they choose Fiserv."
Vermont-based Merchants Bank, with $1.4 billion in assets, implemented Branch Source Capture from Fiserv in June, 2009. Branch Source Capture provides Web-based tools to capture high volumes of check images in the back office of bank branches. Since implementing, Merchants has reduced its courier costs by $150,000 per year by reducing courier trips to one pickup per day per branch. Merchants Bank has also experienced a reduction in check processing costs and was able to eliminate their deposit cut-off for all branches - a move that was positively received by the bank's customers.
"Implementing Branch Source Capture from Fiserv has allowed us to keep our focus on growth, but with our customers always first in our mind," said Barb Toof, deposit operations manager at Merchants Bank.
"Branch Source Capture in particular is a clear cost saver for virtually all of our clients and many are seeing significant depending on the size of the financial institution," said Carstensen. "We expect more than 80 percent of our clients to adopt branch capture by the end of 2012."
Merchant Source Capture from Fiserv offers efficient deposit support using a Web-based solution that can be quickly and cost-effectively deployed by a financial institution's business customers. By offering Merchant Source Capture from Fiserv, Financial Institutions can increase deposits and move beyond geographic constraints. San Francisco-based Bank of Alameda, with $252 million in assets, implemented Merchant Source Capture from Fiserv in early 2009. Since then, the bank has been able to attract business customers beyond its brick and mortar branches on the island of Alameda, California.
"To give you an idea of the success we've had with merchant capture: in less than a year, we have 21 corporate and small business customers on the solution," said Brooks Kohne, vice president of Cash Management at Bank of Alameda, "Today's deposits for those 21 accounts using merchant capture totaled $6.8 million. This is also a sticky product, which keeps those high-deposit customers banking with our institution. That's obviously very important."
The convenience and flexibility of a common thin client, Web-based platform allows Source Capture Solutions from Fiserv to meet the precise image, data capture and security requirements for each capture site. All Fiserv Source Capture Solutions are available in either an in-house or outsourced/ASP mode.