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A comment on Seed (YC W15) Wants to Reinvent Business Banking. Parent comment

Re:Seed (YC W15) Wants to Reinvent Business Banking by ensignavenger on Thursday February 19, 2015 @01:28AM (#9072740)
Cool, I agree that checks are terrible, but I still get more customers paying by check than any other method :)

Regarding item 1: Just curious- Do you mean Mitek and/or USAA have a patent on the process? Or do they own the only technology approved for some back-end process by the Federal Reserve?

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Re:Seed (YC W15) Wants to Reinvent Business Banking by btmerr on Thursday February 19, 2015 @09:10PM (#9078510)
They own or co-own the patent(s). Last I checked they were still battling it out in court.

The relevant legislation that enabled Remote Deposit Capture (RDC) is the Check21 act, which you can learn about here: http://www.federalreserve.gov/paymentsystems/regcc-faq-check...

In theory, anyone can build a system to deposit checks via check images, but software/process patents are a (mostly bad) thing. :(

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