Scan and deposit checks from Home @ Net

https://www.depositnow.com/depositnow/default

I came across the above URL through google ad. Being professionally interested in Banking systems, I looked at it. What they claim is that under Check-21 Act, http://www.federalreserve.gov/paymentsystems/truncation/ all one needs is a scanner and an Internet connection to deposit your check sitting right at home, I am talking about USA (just in case you did not notice the Check-21 Act URL :)

Back home in India, RBI has selected NCR for supplying the check truncation system. See:

http://www.ncr.com/solutions/payment_and_imaging_solutions/check_truncation/cheque_truncation_system.jsp
And
http://www.ncr.com/documents/RBI_Check%20Truncation.pdf

You can read more about RBI initiatives at : http://www.rbi.org.in/scripts/AnnualReportPublications.aspx?Id=433
It talks about check truncation, smart cards and RTGS.

Though as of now you can't scan a check at home and deposit it online, but most banks like ICICI Bank have introduced kiosks at branches that scan the checks and issue you an image receipts. Also you could use Internet banking and write an e-check and use RTGS (Real Time Gross Settlement) to transfer money between diffrent banks.

Having said that, the NCR system that they have implemented is quite old and not open in true sense of the word.
I think I will cover these issue in another post :)