Automate Cash Posting with RDC 2.0
A $55 Billion Wholesale Company
Learn how a $55.3 Billion wholesale company leveraged mobile RDC to achieve 85+% automation for processing remote deposit payments across 72 operating companies
Chapter
04
Automate Cash Posting with RDC 2.0
Major Challenges with Processing Checks (NET Deposit)
- Low cash application hit-rate: 30-40%
- Check and remittance scanned separately
- Remittance information not used ? algorithms resulted in misapplication
- Separate payments for separate operating companies
Remote Deposit Capture 2.0. – How it Works
Instead of scanning and processing checks manually 
Here is how RDC 2.0. works: Step 1. Scanning:
- Scan checks and remittances together in one batch.
- Data captured with high accuracy due to inbuilt Magnetic strip based MICR capture and OCR based data capture.
Step 2. Transmission of enriched file:
- Electronic index file for internal cash application auto-created
- Enriched electronic file in bank-compatible ICL (Image Cash Letter) format auto-created to be forwarded to bank.
Step 3. Real-time cash application:
- Electronic index file auto-matched with scanned remittance information
- Open A/R invoice details auto-pulled from ERP
- Payment details individually auto-linked open A/R line-items
- Cash auto-posted in the ERP
