Creative Payment Solutions, a subsidiary of the $157 billion BB&T Corp. in Winston-Salem, N.C., has announced the debut of a remote deposit capture risk self-assessment product.
The new offering is intended to help financial institutions manage RDC risks while also meeting FFIEC recommendations that institutions meet with large-scale RDC users and help them understand and comply with federal guidelinesthat impact RDC.
Brian McCollum, sales and product development manager for Creative Payment Solutions, said in an interview that visiting each customer in person would cost an institution in the vicinity of $400.
Per customer costs of delivering and grading an online self-assessment tool – essentially a questionnaire that, said McCollum, can be easily customized to suit a particular institution and its RDC users – are a small fraction of that amount.
Time involved in completing the self-assessment is intended to be “no more than 15 minutes,” said McCollum. He indicated that in pilots upwards of 85% of RDC users completed the survey with only minimal reminders by the institutions.
The remaining 15% “needed a phone call to comply,” said McCollum.
Presently the tool’s market is envisioned as businesses with significant RDC volume, said McCollum, but were FFIEC to extend its guidance to include risk assessment by individuals, McCollum indicated that the tool could be quickly adapted to serve that market.