mBanking and eBanking are two of the most popular ways for people to handle their finances these days. As the financial world has gone online, so did the many solutions that came with it, such as websites and banking apps.
Everything from withdrawals and deposits has gone remote, and that has brought things such as mRDC solutions to the game. Through the use of these services, you can deposit a cheque into a bank account from a remote location, which is especially useful during the COVID-19 pandemic.
In this article, we’ll explore mRDC solutions, cover how they work, and define how they can benefit you and your business.
What are mRDC Solutions?
mRDC stands for Mobile Remote Deposit Capture, which is a process that allows you to deposit cheques remotely to your bank account. This option is only available to the residents of the USA or Canada. That is a quick, simple, and streamlined payment processing method that allows you to operate remotely without visiting the bank.
If you deal with a lot of accounts, cheques, or anything in that vein – you’ll know just how time-consuming visiting a bank every day or week could be. Through this technology, the whole process is smoothed out to maximize efficiency. Cheques can take some time to clear, but mRDC solutions usually make the process much faster and efficient.
mRDC solutions have primarily been developed for corporate use but have recently seen implementation by banks for individuals. Freelancers, small businesses, and a selection of other people can use mRDC solutions to make their money depositing that much more efficiently, more straightforward, and faster.
How do mRDC solutions work?
mRDC solutions are straightforward to implement. All you need is a smartphone or a camera. To implement these solutions, you’ll have to take a scan or a picture of the cheque in question and send it through the system.
Most mRDC solutions will require you to fill out a quick data sheet after uploading the image or scan your cheque to confirm that everything is accurate.
After you’ve sent it through, your confirmation should arrive within a short while. Upon your proof, your payment and deposit have been processed.
Is it safe?
Well, that depends on the solution you choose. There are many services out there that offer mRDC solutions, and their security tends to vary. More often than not, as long as you stick to a reputable mRDC solution, you’ll be fine.
Security is the number one priority for banks and clients alike. While some banks don’t make their customer’s security, mBanking has been around for a long while now, and mRDC solutions are extensions of mBanking, so as long as you’re working with an acceptable bank and the right solution, you should be fine.
What Are mRDC Solutions Used For?
mRDC solutions are used for depositing cheques to your bank or chequing accounts. They’re used by businesses, NGOs, and individuals alike, as they’re quick, simple, and efficient. More often than not, the largest demographic that uses mRDC solutions deal with a lot of cheques.
Mobile deposit solutions are used to cut down on time required to go to the bank and deposit a cheque.
mRDC solutions are also beneficial as they don’t have to abide by traditional banking hours. You can deposit a cheque at any time of day and still have it processed – which is great if you’re in a pinch.
The Benefits and Drawbacks of mRDC Solutions
There are many benefits to using solutions such as these, but mRDC isn’t without its drawbacks. As the next logical step in the evolution of mBanking and eBanking, mRDC has a lot to offer, but it still suffers from similar issues as its primary technology does.
- Streamline cheque deposits
- 24/7 availability
- Simpler and faster deposits
- Low requirements
- For businesses and individuals
- Fantastic security with most services
- Higher chances of making an error
- Some services aren’t that secure
- Low-res photographs might not register
mBanking has become the cornerstone of a lot of companies and individuals alike. It makes using the bank services much more straightforward, and it cuts down on the time we need to invest in actually visiting a bank, making a transfer, and then finally making use of our funds.
While this technology does have some shortcomings, as long as you stick to a reputable provider, you should be fine