Onsite Electronic Deposit (OED)
OED provides an efficient way to streamline deposit preparation and eliminate multiple trips to the bank. You can easily capture images of your customer's checks and related remittance documents received at your office and transmit them to the bank.
This solution enables you to:
- Key in the amount for deposit and scan the checks and a balanced deposit is created.
- Submit your checks for deposits to the bank several times a day and as late as 10pm.
How does OED benefit me?
- Automates the receivables process by achieving greater efficiency and saving you time and money.
- Speeds up your deposit process by reducing float, managing the days sales are outstanding, and maximizes funds availability through faster posting of payments.
- Moves your paper processes to electronic ones that optimize staff resources, mitigates fraud risk, and strengthens internal controls.
How does OED work?
- Scan paper checks and remittance items.
- Capture remittance information.
- Update internal accounts receivable systems in an automated fashion.
- View extensive reporting.
- Manage returned items.
- Handle and destroy original paper checks securely.
For more information about OED, please contact DOATreasury@wisconsin.gov