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by ensignavenger
4140 days ago
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Cool, I agree that checks are terrible, but I still get more customers paying by check than any other method :) Regarding item 1: Just curious- Do you mean Mitek and/or USAA have a patent on the process? Or do they own the only technology approved for some back-end process by the Federal Reserve? |
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The relevant legislation that enabled Remote Deposit Capture (RDC) is the Check21 act, which you can learn about here: http://www.federalreserve.gov/paymentsystems/regcc-faq-check...
In theory, anyone can build a system to deposit checks via check images, but software/process patents are a (mostly bad) thing. :(