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NetDeposit Enables Merchants to Benefit from Back Office Conversion

NetDeposit’s BOC Solution Helps Banks Leverage Market Opportunity for Remote Deposit Capture

Salt Lake City, Utah — April 10, 2007— NetDeposit, Inc. (www.netdeposit.com), the leader in innovative check payment technologies and services, announced a new offering designed to provide financial institutions with the ability to support their commercial customers in electronically processing checks under the new Back Office Conversion (BOC) rules. NetDeposit's support of BOC provides financial institutions the tools and technology necessary for them to quickly take advantage of BOC and extend the advantages of remote deposit capture (RDC) throughout their retail and commercial markets.

 

Checks are still the most widely used form of payment, but the costs associated with processing them have increased 45 percent in the last five years. The new BOC rules, which became effective March 16, 2007, now allow businesses to accept consumer checks at the point of purchase and then process them electronically, away from the register. These checks are converted into ACH (Automated Clearing House) debits during back office processing. For merchants, the electronic processing of a check is a lower cost alternative to handling paper checks. In addition to cost savings, BOC also accelerates check processing, providing businesses that opt for BOC with the benefits of fewer returns, earlier fraud detection and fewer errors.

“As merchants begin to realize the benefits of BOC, they will begin calling on their banks for a solution,” said Danne Buchanan, CEO of NetDeposit, a pioneer in the check processing industry. “NetDeposit's new offering will help banks quickly convert more customers to remote deposit capture and its ancillary offerings such as BOC.”

NetDeposit used its expertise in check conversion, connecting remote deposit capture to ACH clearing alternatives, to create its BOC solution. The product provides a back office clearing alternative that does not impact the merchant's existing check collection and operations at the front counter or cash register. NetDeposit's support for BOC is integrated into its existing RDC systems enabling NetDeposit clients to process items on a single platform at a central location.

The offering provides financial institutions with:

  • Technology that leverages new NACHA regulations and RDC for a value-added solution in the retailer marketplace;
  • A single platform for check truncation and check conversion;
  • Market advantage with high-demand BOC solution.

By offering BOC, financial institutions will be able to provide retailers and merchants with:

  • A low-cost alternative to handling paper checks;
  • Accelerated funds availability and return item notification;
  • No impact to current register system or POS processes and procedures;
  • Improved efficiency for deposit creation;
  • A single process for all check items with conversion eligibility handled at the bank.

NetDeposit continues to lead the RDC market with a proven track record of providing measurable value to its customers and enabling process efficiencies. NetDeposit customers include a number of the world's largest cash management banks and successful regional banking organizations in the US.

About NetDeposit, Inc.
NetDeposit, Inc. is leading a revolution in the way check payments are processed. More money changes hands through checks than any other form of payment and NetDeposit is changing how financial institutions compete for customers. NetDeposit solutions enable financial institutions to evolve their operations by replacing manual check handling with distributed capture and electronic image processing. Since its founding in 1999, NetDeposit has led the market in the number of remote capture locations and processed millions of checks for top international banks and regional U.S. financial institutions. For information call (801) 273-6067, email pressrelations@netdeposit.com or visit www.netdeposit.com.

NetDeposit is a registered trademark. NetConnect, NetCapture, NDpro, and Decision Gateway are trademarks of NetDeposit, Inc., Salt Lake City, UT. All other brand and product names are registered trademarks, trademarks or servicemarks of their respective holders and are gratefully acknowledged. All specifications subject to change without notice.

Media Contact:

Mary Hockridge
NetDeposit
mary.hockridge@netdeposit.com
650-638-3746