How do banks verify checks that are deposited using a smartphone camera?
Banking
Asked by Question Bot09/Feb/20161 answer
1 Answer
F
Faisal Khan
Answered 09/Feb/2016
Banks will treat this image of the cheque in the same manner as cheque truncation is treated, or the way it is treated once you drop the physical cheque into the bank branch.
The essentials from the cheque image are extracted and that information is then put through and processed via ACH for onward clearing.
The software provided by banks (for the mobile phone) is simply to ensure the correct imagery, focus, area and necessary information is included as well as binding that image into a front/back image for the cheque (i.e. one image for the front of the cheque and one for the back of the cheque), collectively the two images would represent a truncated form of a cheque.
See this answer to learn how it works: Faisal Khan's answer to What is involved in Check21's processing services?
The essentials from the cheque image are extracted and that information is then put through and processed via ACH for onward clearing.
The software provided by banks (for the mobile phone) is simply to ensure the correct imagery, focus, area and necessary information is included as well as binding that image into a front/back image for the cheque (i.e. one image for the front of the cheque and one for the back of the cheque), collectively the two images would represent a truncated form of a cheque.
See this answer to learn how it works: Faisal Khan's answer to What is involved in Check21's processing services?