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Friday, July 16, 2010

Pay cheques into your bank with a camera phone

WAUSAU Financial Systems and Mitek Systems – two US-based companies - have introduced a system to let banks accept cheques that are 'paid in' as a photo taken on a mobile phone. The new service combines the payment processing experience of WAUSAU with document capture technology from Mitek.

Mobile Deposit will run as an application on compatible smartphones. Users enter the deposit amount and then take photos of both sides of the cheque with their smartphone camera. Mitek's software captures the images, corrects any image distortion and makes sure the quality is acceptable before transmitting them to the bank. Deployment of the application is expected from September.

Sam Golbach, vice president of Deposit Management and Paperless Solutions for WAUSAU Financial Systems, said "With Mitek’s technology, we’re expanding our best-in-class RDC [Remote Deposit Capture] technology, making the solution more sophisticated and attractive for consumers and businesses alike. Further, financial institutions will see the benefits as well, from the ability to offer cutting-edge services to customers and enhanced customer loyalty, to increased profits and significant cost savings."

James DeBello, Mitek's CEO, said "Having an industry leader in remittance, RDC and image-capture technology like WAUSAU Financial Systems sign on to use our Mobile Deposit technology is tremendously important for us. We have worked very hard and invested a lot to develop an application that is easy to use, so it’s very satisfying to see that hard work appreciated by a leader the calibre of WAUSAU."

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Author: The Fonecast
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