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CO-OP Financial Launches Mobile RDC

By Mercator Advisory Group
December 21, 2010
in Analysts Coverage
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Biometric Mobile Payment, virtual cards, Biometric Credit Card Technology

Biometric mobile payment concept with realistic smartphone with fingerprint login application and credit cards set vector illustration

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.


Read article here:

http://www.greensheet.com/newswire.php?newswire_id=20372

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