Vantiv, Inc. launched its Mobile Check Deposit product that enables consumers and small business owners to use their smart phone to take a picture of a check and deposit into their account.

The service, which had been in pilot with Town & Country Bank in Salem, Mo., is now available in the United States and already more than 40 financial institutions have signed up for the service.

This new service provides financial institutions and their cardholders with a way to make deposits anytime, anywhere. The product is offered to financial institutions using a cost effective pay-as-you-go model and has been designed with flexible controls for safe and secure transactions.

With mobile device use skyrocketing, and consumers eager to transact as much business as they can using smart phones, the use of mobile check deposit applications is rapidly growing among financial institutions. A mid-2011 report by Javelin Strategy & Research showed that one out of every four consumers, and half of mobile bank service users, would like to see their financial institutions offer mobile check deposit.

In anticipation of the coming wave of consumer interest, Vantiv reached out to Town & Country Bank in early 2011 to offer the service as a trial. “A year ago when Vantiv invited Town & Country Bank to join them in this innovative pilot project, we knew it was a great opportunity” says Carl Eichenberger, the bank’s chief operating officer. “Mobile check deposit was offered to a preselected customer base and they have overwhelmingly embraced the technology. We are excited to make it available to all of our customers.”

Further, Town & Country Bank found that by adding this application, they gained a competitive advantage by enabling customers to make deposits and access their money without driving to a branch or ATM.

Users of Vantiv’s Mobile Check Deposit will also benefit from leveraging the extensive Jeanie ATM network, which means there is no core integration required and the setup is quick and easy for both the financial institutions and their customers. Additionally, all Jeanie cardholders are automatically eligible to apply for enrollment.

 

 

[This article was posted on May 8, 2012, on the website of ABA Banking Journal, www.ababj.com.]  

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