Another indication that remote deposit capture is emerging as a check-mark for financial institutions is CO-OP’s launch of their My Deposit Mobile product.
An important point to this strategy is the fact that CO-OP supported credit unions can implement the product without making changes to their host system; making it possible for any size organization to offer the service.
Broadening check imaging capabilities is a key strategy for financial institutions as they grapple with decreasing overall check volumes and rising unit costs of processing paper checks.
Developed in partnership with mFoundry, CO-OP My Deposit Mobile enables credit unions to provide members with advanced, yet user-friendly mobile banking technology. By choosing the deposit function on their mobile banking screen, members can view the history of remote deposit capture (RDC) transactions, take a picture of the front and back of the check, enter the check amount and complete the deposit.
Credit unions already employing CO-OP’s Next Generation Network will benefit from cost-effective, speedy implementation of CO-OP My Deposit Mobile, with generally no changes required to the credit union’s host processing system.
CO-OP My Deposit Mobile is part of the CO-OP Check Imaging Suite. As a client of one or more of these services, credit unions can utilize a single Web-based system to clear checks from all RDC points, including the ATM, home (via flatbed scanner), small businesses (via high-speed scanner) and, now, mobile phones.
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