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2nd NetDeposit-DataTreasury Pact
American Banker
December 2007
WASHINGTON -- Zions Bancorp.'s check-image unit, NetDeposit, Inc. has signed a licensing agreement with the payment processor Datatreasury Corp. covering patented processes for archiving chek images. The agreement is NetDeposit's second with DataTreasury, a small processor that claims broad patent rights over the process of creating and storing digital check images.
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Speeding Check Processing Overseas
Transaction News
December 2007
For United States banks, passage of
Check 21 was about as close as the
industry gets to a panacea. Too bad
the rest of the world can’t always make
the same claim. For overseas banks
dealing with U.S. dollar
checks, paper handling
remains a source of
delays and inefficiencies,
made all the worse
because it happens on a global scale.
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NetDeposit Enables Merchants To Benefit From BOC
Transaction News
April 2007
Salt Lake City - based NetDeposit, Inc. is rolling out a new offering designed to provide financial institutions with the ability to support their commerical customers in electronically processing checks under NACHA's new Back Office Convernsion (BOC) rules. NetDeposit's support of BOC provides financial institutions the technology necessary to extend the advantages of remote deposit capture throughout their retail and commerical markets.
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The Last Paper Check
Treasury & Risk Management
April 2007
Cost reduction will be proportionate to check volume, says Danne Buchanan, CEO of NetDeposit Inc., a leading vendor of remote check deposit solutions. High volumes will translate into the biggest savings, but even low-volume conversions offer advantages—eliminating trips to the bank to make deposits, quicker notice of bounced checks and sometimes quicker, more consistent availability of funds, he suggests. A bad check should be discovered in just two business days under BOC conversion, compared to seven or eight days under normal check-clearing schedules, he adds.
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Remote Deposit Capture Suddenly Isn't Remote
Credit Union Business
April 2007
Danne Buchanan is recognized as the person who is responsible for putting Check 21 into effect. He represented the banking industry and testified before Congress to drive the enactment of Check 21. Under his direction as CEO of NetDeposit in Salt Lake City, Utah, the company has changed the economics around the check-payment handling. It has also provided banks with the tools they need to perform better as business partners.
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National City Corp. Installs Remote Capture Technologies
Bank Systems and Technology
March 30, 2007
National City ultimately selected NDpro Services, the application-service-provider (ASP) model offered by NetDeposit (Salt Lake City). The vendor-hosted solution includes NetCapture for remote cash management and NetConnect for image reprocessing. The data repository resides at NetDeposit.
"NetDeposit provided a strong and scalable customer front end without requiring us to purchase additional hardware or software," says Francis. "And NetDeposit supplies end users with the check scanning equipment, which kept us out of the hardware business."
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Technology Sinks the Check Float
Washington Post
March 15, 2007
"For retailers, there are big savings to be had with back-office conversion, says Danne Buchanan, chief executive of NetDeposit, a Salt Lake City company that provides check-payment technology. Retailers don't have to take the checks to the bank, and accelerated processing results in fewer bad checks, Buchanan said. "There are fewer people handling the check, and that lessens the opportunity for loss, fraud and/or confusion in the check clearing process," he said.
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BOC Could Open Merchant Market for Remote Deposit Capture
Digital Transaction
February 6, 2007
“BOC will open up the whole retailing community, which has been shut out from Check 21,” predicts Danne L. Buchanan, chief executive at NetDeposit Inc., a Salt Lake City, Utah, provider of processing software for remote deposit capture, a process by which businesses convert checks into electronic items at the point of capture before sending the items to their banks for settlement.
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Don't look for check-hold times to reduce soon
BankRate.com
January 26, 2007
More than two years after the Check 21 law, designed to ease and speed banking transactions, was passed, frustrated consumers are faced with the fact that while money is flowing out of their accounts more rapidly, deposits don't seem to be clearing any more quickly. The number of checks clearing electronically is growing dramatically. NetDeposit, a Salt Lake City company that creates Check 21 software for banks, reports that more than 24 million Check 21 payments were processed during the first quarter of 2006, a 1466-percent increase from the first quarter in 2005.
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Small Firms Flock to Remote Deposit Capture
American Banker
January 16, 2007
Zions, a particularly aggressive adopter of remote image-capturing systems for deposits, also owns NetDeposit Inc., which develops remote deposit software. Nevada State's remote deposit customers use NetDeposit technology to submit checks for deposit via a personal computer and scanning device that can be purchased, leased, or paid for with earnings credits based on bank balances.
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Open Remote Capture Field Lures Kodak
American Banker
January 4, 2007
Danne Buchanan, the chief executive of NetDeposit Inc., the unit of Zions Bancorp. of Salt Lake City that specializes in high-tech check clearing, expressed misgivings about Kodak's approach. Despite the company's expertise in document imaging, "the payment side is not that easy." Kodak has years of experience with imaging, but its payments background is thin, Mr. Buchanan said. "There are a lot of pieces that are missing" from its offering, such as accounts receivable conversion, automated clearing house, and back-office conversion products and services. "How do all those things get addressed?" he asked. "I've never seen a nonpayments company be able to go in and compete effectively in payments processing." Click here to read more...
Deutsche Bank Picks NetDeposit for Remote Deposit Capture
Bank Systems and Technology
December 1, 2006
This October, Frankfurt-based Deutsche Bank (US$1.3 trillion in assets) became the latest bank to join NetDeposit's (Salt Lake City) roster of remote deposit capture (RDC) clients. The bank will use the technology for U.S. dollar clearing for its financial institution customers throughout the world, according to a release.
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Business Banking: Online Courier Aids In Deposits
Bank Technology News
November, 2006
And since the checks are being deposited in a centralized location, only one bank is needed for all deposits-even if a business has a number of locations that may be outside of the bank's normal footprint. "Businesses don't have to worry about missing deposits at certain locations because they've missed the window," says Rahn Rampton, a marketing official for NetDeposit. "The end users can solidify their banking relationships."
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Arizona Bank Lowers Price of Remote Deposit
BankNet360
October 23, 2006
Scottsdale-based 1st National is allowing commercial customers to rent NetDeposit Inc.’s software and hardware to scan checks using a small desktop device that attaches to their computers.
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BOK Plans Remote Deposit Service
American Banker
July 21, 2006
BOK Financial Corp. of Tulsa plans to offer remote check-capture services to its commercial customers this fall, using software from NetDeposit Inc. NetDeposit, the check-imaging unit of Zions Bancorp. of Salt Lake City, announced the agreement Tuesday.
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BOK to Offer Remote Deposit Service
BankNet360
July 19, 2006
Tulsa, Okla.-based BOK Financial Corp. will offer remote-deposit capture services at its six bank subsidiaries.
The technology, provided by Salt Lake City-based NetDeposit Inc., will allow customers to make deposits from the office or home.
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ACH vs. Check 21
Transaction Trends
July 2006
"BOC will allow ISOs and merchants to make a business case for ARC/ACH,” Buchanan says. “Under current point-of-purchase (POP) rules, checkout clerks swipe checks, hand them back to customers, who then sign an authorization slip. It’s confusing for customers, difficult for retailers and, when you have a return, you have a problem. With BOC, merchants keep checks in registers all day, taking capture information all in one batch. This (mitigates) concerns about training, keeps lines moving at the point-of-sale and saves merchants money with just one capture device per location, rather than at each register.”
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ACH-Image Convergence: Which Rules?
American Banker
June 8, 2006
Danne Buchanan, an executive vice president at Zions Bancorp. and a member of the group that has started calling itself the "ACH-check coalition," said that Reg CC seems to be the favored approach. "I think that would be the consensus of the group, although no decisions have been made," he said.
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Making the Case for Remote Deposit Capture
Payments Strategies
May/June 2006
“It’s a real land grab,” says Danne Buchanan, CEO of NetDeposit of Salt Lake City, Utah, which has worked with more than 25 banks on RDC. “The business customers really want this. So it’s a pretty easy sell.” As of early March, NetDeposit reported its bank customers had about 4,000 corporate customer locations up and running and were adding more than 100 locations every week.
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The Tech Scene: New Project Could Link ACH, Image Networks
American Banker
May 17, 2006
The concept is still in the very early stages, and there are significant technical and legal barriers to merging the two systems, such as how to notify consumers and how to make archived check images available on demand to paying banks. Still, there is strong momentum behind the idea, and one banker says that tests could start within three months. Danne Buchanan, an executive vice president with Zions Bancorp. of Salt Lake City, summarized the problem with the current set-up: "With Check 21, we can convert all our items into images, but we can't reach all endpoints. With ACH, we can reach all endpoints, but not all items are eligible for conversion. Is there some way to make those systems converge?"
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A Cloud with a Pewter Lining - Editor's Note
Bank Systems & Technology Week
May 2, 2006
...So, what's the purpose of this tale? I'm really starting to believe all those people who have been touting the idea of saving money on fuel as a driver for remote deposit/check imaging among banks and businesses. Just last week, NetDeposit, a vendor in the remote deposit space, reported that 24,406,641 Check 21 payments were processed during the first quarter of 2006, compared to one year ago. This represents a 1,466 percent increase from the first quarter 2005 transaction volume of 1,664,756. Meanwhile, the electronic check and check image exchange company SVPCO announced that for the first quarter of 2006, the total number of daily image items was 62.5 million, compared to 52 million for all of 2005. Of course, these numbers reflect the general adoption trend of this technology, but it would be interesting to learn just how much rising fuel costs convinced organizations to begin making the switch away from paper...
Electronification And Beyond; Remote capture is about more than just imaging checks.
Bank Systems & Technology
May 2006
"It's all in how you perceive the product," Buchanan remarks. "If you see it as something that can expand relationships, there is a huge opportunity. You'll have balances on your deposit sheet you didn't have before; you'll have new credit and investment opportunities. This is absolutely a product you can move into your customer base for stickiness and cross-selling. You're also streamlining your back office [by eliminating much of the paper processing]."
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Making the Case for Remote Deposit Capture
Payments Strategies
May/June 2006
“It’s a real land grab,” says Danne Buchanan, CEO of NetDeposit of Salt Lake City, Utah, which has worked with more than 25 banks on RDC. “The business customers really want this. So it’s a pretty easy sell.” As of early March, NetDeposit reported its bank customers had about 4,000 corporate customer locations up and running and were adding more than 100 locations every week.
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New Opportunity in Check Conversion; Fed rule paves way for back-office processing by merchants.
Bank Systems & Technology
April 2006
But banks need to move fast in order to take advantage of this competitive edge. "Banks that get out in front of this and attack it will be very clear winners. Those that sit back and take their time? They'll redefine their franchise as being less than it was before," predicts Buchanan. "The payments landscape is pretty exciting right now."
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Out-Of-The-Box Inspirations
Treasury & Risk Management
April 2006
The early market leader [in Remote Deposit Capture] appears to be NetDeposit, which has signed up several large banks including Citi, Bank of America, ABN Amro and LaSalle Bank.
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A Remote-Deposit Capture For Regional's National Niche
American Banker
March 1, 2006
Gregory J. Smith, an executive vice president and the chief operating and financial officer of First National and its three banks, said imaging will help maintain its leading position in this national niche business.
“We will be … able to dominate our markets with this product if we are first to market,” Mr. Smith said last week. Focus groups have shown “a huge demand by our customers,” he said. “Everybody is looking at this as the next generation of banking.”
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Remote Deposit Capture: Hot just got hotter
ABA Banking Journal
March 2006
For banks, and for community banks in particular, vendors are making their products viable. Vendors such as NetDeposit, Inc., which typically sells its remote deposit capture products to large bank customers will be offering remote deposit capture as an ASP offering, says Danne Buchanan, CEO, referring to application service providers, that is, web-based out sourcing. Not having to install an entire technology infrastructure will appeal to small banks. “Big banks are calling on small bank customers, and small banks need to react quickly,” says Buchanan.
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1st National Deploys NetDeposit
Bank Technology News
February 27, 2006
NetDeposit, Inc., a provider of Check 21 and remote deposit capture software for the financial industry, announced that 1st National Bank Holding Co., the Southwest's largest privately-held bank, has selected NDpro Managed Services as its remote deposit capture solution. NetDeposit's full-feature, hosted offering, NDpro Managed Services enables the deployment of the service provider's remote deposit technology, NetCapture Business. (Bank Technology News Newsletter Article - no url available)
1st National Bank Uses NetDeposit
techrockies
February 23, 2006
Salt Lake City, Utah-based NetDeposit is reporting that 1st National Bank Holding Co., a regional, privately-held bank in the Southwest, will use its remote deposit capture solution. NetDeposit said that 1st National will use its Check 21 software and hosted, managed services for remote deposit capture.
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Small-Bank Demand for Remote Capture Leads to New Hosted Service
Digital Transaction
February 17, 2006
In a sign of how fast the market for remote capture of checks is developing, one of the largest software companies serving the image-exchange market has launched a hosted product to serve small financial institutions looking to get into the business quickly. "We are seeing significant demand [from small banks] because there's a lot of competition", says Danne L. Buchanan, chief executive of Salt Lake City, Utah-based NetDeposit Inc., whose client base until now has consisted primarily of big banks. Click here to read more...
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