Use your phone to deposit checks

Brookfield-based Fiserv Inc. has taken convenience to a whole new level by developing its Mobile Source Capture technology that allows business owners and consumers to capture a check image with their smart phone and securely and automatically deposit the money in the bank.

“Mobile Source Capture is a downloadable application for camera-equipped smart phones that allows users to securely take a picture of the front and back of a check and deposit the item electronically, without ever having to visit a branch, an ATM, the office or home,” said Gary Brand, director of source capture optimization for Fiserv. “It is pretty astounding, not only is it safe and secure it is terribly efficient and cost effect both for the consumer and for the financial institution to clear the checks as images rather than pushing paper.”

According to Brand, Fiserv has been on the leading edge of image capture technology since the Sept. 11, 2001, terrorist attacks.

“Following the terrorist attacks when all of the planes were grounded there were trillions of dollars in checks that businesses and banks couldn’t get access to clear,” Brand said. “Significant imaging technology was developed after that and in 2004 legislation was passed that allowed banks to use a check image for verification and sign off that way. The banking industry has reacted quickly to image processing technology, and Fiserv has been at the forefront of image capture technology for a few years. Using the mobile phone is just the next genesis of that process.”

Fiserv has developed several other image capture platforms, Brand said.

“Utilizing something as ubiquitous as the smart phone seemed like the obvious next step, and I’m sure it will surpass all other device capture platforms,” he said.

Despite smart phones being popular for consumer use, Brand sees the incentive there for small businesses as well.

“I see small businesses getting the greatest benefit from this,” Brand said. “Think about a company with multiple drivers out on the road delivering goods and services. They deliver the product or service to multiple stops per day and collect checks as payment.”

“It means more efficient cash flow for a business, and more productivity out of employees that don’t have to cut their route short to get to the bank at the end of the day,” Brand said.

According to Brand, Fiserv’s Mobile Source Capture is secure and compliant with governmental standards and it rests on the same platform as Fiserv’s other source capture technologies.

The product includes multi-item deposit capability, single sign-on authentication, and the ability to place a virtual stamp on the back of the image as an endorsement.

Item validation occurs during the capture process, and all of Fiserv’s capture technology platforms offer duplicate detection and a near real-time deposit review, Brand said.

“I think from a solution standpoint the Mobile Source Capture really resonates with our clients,” Brand said. “The solution covers everything in the spectrum, and our banking and credit union clients can see the benefit to the consumer and welcome the fact that the product can be scaled for their institution.”

Fiserv will brand the technology for its institution clients and right now has an iPhone application as well as multiple Blackberry applications. Android applications will be available in the next few weeks and users who have access to the internet via their phones should be able to use the products as well, Brand said.

Names of financial institutions launching the Fiserv platform will be released in the near future, Brand said. JP Morgan Chase Bank recently launched a similar application for iPhone and Blackberry, but the company is not using the Fiserv platform.

“The cool factor of depositing a check by taking a picture of it with your cell phone just can’t be denied,” Brand said. “Mobile banking really has become commonplace and nowadays consumers want to be able to bank whenever and wherever they want to. Financial institutions that offer mobile deposit capture will provide their customers with a new and convenient way to make deposits any time, day or night, without ever stepping foot inside a bank branch.”