Payment News

Fiserv, Inc., based out of Brookfield, Wisconsin, one of the worldwide leaders when it comes to providing technology solutions to the financial services industry, today launched a new mobile remote deposit capture technology called Mobile Source Capture for smartphones with a digital camera. Fiserv utilizes Mitek Systems’ Mobile Deposit platform. Mitek Systems was recently granted U.S. patent for their mobile deposit technology last week.

In order to use Mobile Source Capture, you must download an application using one of the supported smartphones on the market: Google Android, RIM Blackberry, Apple Iphone, and Windows Mobile, and a few other. When the app is downloaded onto the supported mobile phones, users take a picture of any check, front and back, to securely deposit the check into any bank account electronically without having to drive to a local bank branch or ATM to deposit checks. Mobile Source Capture will eventually be directly integrated into most of Fiserv product offering by the end of 2011 but for now the product is specifically for stand-alone use for customers.

Back in 2009, Fiserv started doing several test trials for the mobile remote deposit capture technology but has now gotten the technology to the point where multiple item deposit feature is available, single log in authentication, and a virtual stamp feature where users can virtually sign or endorse checks. The mobile deposit application evolved to also include risk mitigation solutions that allows for validation during the check image capture stage

Many people like the fact that they can just use their mobile phone to deposit checks to save time. People want to be able to bank 24 hours a day, 7 days a week. Solutions like Fiserv’s Mobile Source Capture offer such opportunities as technology now allows for customers to bank the way they want, when they want from anywhere.

Source: company press release.