NetDeposit, Inc. has signed an agreement to provide NetDeposit’s NetCapture and NetConnect product suites to Chicago-based LaSalle Bank Corporation, which is the holding company for both LaSalle Bank N.A., headquartered in Chicago and Standard Federal Bank N.A. headquartered in Troy, Mich.
The Check 21 legislation enacted in October 2004 allows checks to be converted to electronic format at any location, including merchants and businesses, and to be presented for payment using an image replacement document (IRD) or substitute check, according to NetDeposit. This eliminates the need for the original checks to be transported for clearing and is the precursor to complete check image exchange as it develops in the future.
The NetCapture and NetConnect products work in conjunction with financial institutions’ existing paper payment platforms, to provide distributed capture and electronic routing without disruption to the legacy infrastructure.
“NetDeposit’s distributed capture and electronic processing technology allows financial institutions to take advantage of the new revenue opportunities of the Check 21 environment – the C21 Marketplace,” said Danne Buchanan, NetDeposit CEO. “LaSalle Bank and Standard Federal Bank have recognized the benefits to their customers and their business by providing remote capture capabilities offered by NetDeposit.”