Citibank Introduces remote electronic deposit service

MUMBAI: Citibank announced Citibank remote check deposit which is an electronic deposit service for its commercial business clients. This service will allow clients to deposit checks into their bank accounts without taking them to a branch or mailing in the items.

CitiBusiness clients will now be able to digitize checks from remote locations, such as their business offices, and transmit them electronically to the bank in real time. Business clients will be offered a comprehensive, remote deposit service including state-of-the-art image processing technology and top-quality scanning equipment with full replacement warranty. The processing technology is being provided by Banklink, a unit of Fiserv, Inc which is a payment processors, with over 20 years‘ experience in processing and imaging technologies, says an official release.

"Our clients will now be able to save time and money by using this remarkable new service," said Jorge Bermudez, Chief Executive Officer of Citigroup‘s Commercial Business Group. "By reducing or eliminating the need to physically transport checks for deposit, clients will be able to conduct more of their banking business at times which are most convenient for them," Mr. Bermudez added.


Citibank‘s remote check deposit provides clients with benefits like virtual elimination of geographic limitations, convenience of making deposits electronically directly from a safe and secure business location, an efficient use of working capital and an extended time frame for same day deposits.

The new service has also incorporated numerous safety and security features to protect both the bank and its customers from the risk of mishandling a deposit.


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