ORS 293.875 designates the State Treasurer as the sole banking and cash management officer for the state. Via that designation, Oregon State Treasury (OST) has broad authority to review, establish, and modify policies and procedures for the efficient handling of cash and cash equivalents under the control of all state agencies, including universities. OST acts as the bank for all state agencies, contracting with private banks and financial service providers to deliver a variety of cash management services to those agencies.
Additionally, OST negotiates with our financial service provider to offer a variety of optional cash management services that agencies may choose to utilize. Via our negotiations with our provider, we ensure that all public depository and other regulatory requirements for these services are met. For these optional services, agencies may choose to contract with other vendors as long as their normal contracting process is followed and OST Third Party Vendor Policy (02.18.14.PO) requirements are met.
ORS 293.265 requires all State of Oregon agencies to deposit monies with the State Treasurer no later than one business day after receipt, with certain exceptions. Remote Deposit Capture (RDC), is an optional service state agencies may utilize to electronically capture physical checks using a desk top scanner and deposits checks via an internet solution. The electronically captured check becomes the legal equivalent of the physical check. Therefore, scanners must comply with industry standards for image quality. For all agencies and especially those that have multiple departments or locations receiving checks, RDC provides a streamlined approach to the deposit process. OST administers a master agreement with a service provider for Remote Deposit Services.
Treasury Management Services (TMS) is available to meet with agencies to provide a business review and cost benefit analysis to help determine if Remote Deposit Capture is a cost effective banking solution. In addition to cost savings there are process efficiencies to be gained with the move to Remote Deposit Capture listed below:
Remote Deposit solutions are an innovative and efficient alternative to processing paper checks. These solutions allow an agency to deposit physical checks in an electronic environment. Before implementing a remote deposit solution, agencies should evaluate their current processes, customer base, determine staff capacity and commitment in implementation and possible development of new back office processes. Before deciding to implement a remote deposit solution, contact TMS.
The implementation of a remote deposit capture solution will be coordinated by TMS.
Below is a high level outline of what will be covered during implementation:
Cost Benefit Analysis completed in coordination with OST.
Signed Interagency Agreement.
Review Best Practices to streamline procedures with move to Remote Deposit Capture.
Determine OST offset accounts for deposits.
OST assigned deposit identifiers for automated posting to OST accounts.
Determine timeline for implementation and go live date.
Service Provider will coordinate implementation.
Service Provider will provide all technical specifications for implementation.
Service Provider will provide marketing material for customer outreach, if needed.
Service Provider will provide user guides, system setup and training in coordination with OST.
OST will provide account reconciliation training
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Onsite Electronic Deposit (OED)
is a remote deposit capture solution offered by U.S. Bank through OST's Master Service Agreement. Agencies that are interested in more information about this solution should contact TMS
Agencies may choose to contract with other vendors for Remote Deposit Services as long as their normal contracting process is followed and OST Third Party Vendor Policy (02.18.14.PO) requirements are met.
Please contact TMS to find out more about the imaging standards and utilizing remote deposit with existing image capture solutions.
OST partners with a number of financial institutions to offer a number of banking services, including remote deposit capture. Via our negotiations with our partners, OST works to ensure that all public depository and other regulatory requirements for these services are met. Agencies that wish to utilize this service will be required to execute an interagency agreement between the agency, OST, and the service provider.
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If you are interested in a RDC solution or have any questions about the above information,
contact a member of the
Treasury Management Services team
by sending an email to: