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A concept that would do away with paper checks while retaining their payment advantages took a step closer to fruition this week with the introduction of a mobile app that lets users create and send check images. The app, called Mobile Checkbook, works with Apple Inc. iOS devices and comes …
Read More »Mobile Devices Capture the Lion’s Share of Consumer Remote Deposit Capture Users
A new research report from Celent LLC estimates that the number of consumers using the mobile variant of remote deposit capture (RDC) nearly doubled in 2013 and predicts that users will triple by 2016 to 61 million. Along with documenting its growth, however, the report says remote capture is sustaining …
Read More »Mobile Check Capture Is Saving Banks Big Bucks, But How Big?
The increasing popularity of depositing checks via mobile devices could end up saving financial institutions offering the service a good deal of money, according to a recent study. But, while cost savings from mobile check capture are real, there are offsetting factors, says an expert not connected with the study. …
Read More »Concern About Duplicate Checks Rises with Soaring Popularity of Mobile Deposits
As the popularity of mobile remote deposit capture grows, some payments observers say the risk that checks might be deposited more than once may increase, as well. To be sure, there’s nothing new about the risk of duplicate checks. The problem has existed at least since the 2004 introduction of …
Read More »How Mobile Check Capture Is Taking a Toll on Banks’ Branch Networks
The primary reason consumers and small-business owners visit banks is to cash or deposit checks, but mobile capture removes that purpose, says Gary Brand, director of source capture optimization at Fiserv Inc., a Brookfield, Wis.-based vendor of processing technology for financial institutions. “Something’s really happened, all of a sudden [banks …
Read More »Mitek Prepares To Duke It out in Court with USAA over Disputed Patents
It looks like mobile-deposit software developer Mitek Systems Inc. and its former ally USAA Federal Savings Bank will be going to the mat in their their patent dispute. Despite a near tripling in revenues to $3.22 million, Mitek on Tuesday reported a $2.39 million loss for fiscal 2013’s second …
Read More »Fiserv’s Mobile-Capture Check Guarantee Brings a New Twist to Prepaid Cards
Fiserv Inc. executives expect the option to guarantee availability of funds loaded onto prepaid cards from a personal or business check using a smart phone to be a huge point of differentiation for Fiserv’s new Prepaid Source Capture service. Launched last week, the Brookfield, Wis.-based processor’s service enables consumers …
Read More »Entering the Faster P2P Fray, Co-Op Launches Sprig, a Wallet App for Credit Unions
The effort to bring near-real-time person-to-person payments to the customers of smaller financial institutions took another step on Wednesday with the announcement the Sprig digital-wallet service from Co-Op Financial Services, a processor and network operator that links some 3,000 credit unions. The new service, available for both mobile devices …
Read More »Mitek Fires Another Salvo in Battle with USAA Over Mobile Capture Technology
A pitched battle between two of the earliest players in the business of mobile check capture escalated on Thursday when Mitek Systems Inc. filed a legal motion accusing USAA of defamation and unfair business practices. Mitek’s action is the latest salvo in a case in which San Antonio, Texas-based USAA …
Read More »Consumer-Capture Pioneer Chase Rolls out Smart-Phone Capture for Businesses
JPMorgan Chase & Co. on Tuesday introduced what appears to be the first commercially available mobile remote deposit capture service for corporate entities. Widely known in electronic-payments circles for its TV ads for its consumer-based mobile check-capture product, Chase is now seeking new clients for its Image Deposit Direct Mobile …
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