Fiserv Launches Solution to Enable Cheque Capture on Smartphones
Fiserv has launched Mobile Source Capture, a remote deposit capture solution that extends the convenience of remote cheque capture to camera-equipped mobile phones. The solution leverages best-of-breed mobile deposit technologies from Mitek Systems.
The solution is a downloadable application for camera-equipped smartphones that allows users to securely take a picture of the front and back of a cheque and deposit the item electronically, without ever having to visit a branch, an ATM, the office or home. Users of Mobile Source Capture can deposit a cheque from wherever they are to the financial institution for processing, clearing, settlement and posting. The solution is being initially targeted at clients seeking a customised or standalone solution, typically large financial institutions, or any institution with a strong focus on mobile. The solution will be integrated with Fiserv account processing solutions with specific integration announcements in 2010 and in 2011.
Fiserv has been conducting customer pilot trials for mobile deposit capture since 2009. Based on feedback from those pilots, the company expanded the product to include multi-item deposit capability, single sign-on authentication, and a virtual endorsement feature (the ability to place a virtual stamp on the back of the image). It also built in robust risk mitigation capabilities that allow for item validation to occur during capture. The company offers enterprise-wide duplicate detection and a near real-time deposit review feature that allows quicker feedback to the phone user while ensuring the deposit is valid before it enters the deposit cycle.