JP Morgan Launches Image Deposit Direct Mobile in US
JP Morgan Treasury Services, a provider of cash management, trade finance and treasury solutions, has launched a mobile application called Image Deposit Direct Mobile (IDD Mobile). IDD Mobile enables US-based companies to make cheque deposits using any Apple iPhone device, eliminating the need to visit a branch.
IDD Mobile is an extension to the traditional end-to-end cheque processing solution Image Deposit Direct, an internet-based remote capture solution for depositing paper cheque payments. IDD Mobile allows cheques to be deposited in real time, at the point of receipt, while an employee is in the field. The application is well suited for clients with sales forces that collect cheques from merchants, replacing the need for employees to make an additional trip to a banking centre to make a physical deposit or to a centralised office location for cheques to be scanned for deposit.
Pilot clients began using IDD Mobile in December 2011. Among them is Ben E Keith Company, the third largest beer distributor in the US and operator of a fleet of more than 330 delivery trucks servicing retailers. The company’s drivers are responsible for the safe and timely deposit of cheque payments from customers.
“IDD Mobile has been a great tool for us, delivering the real-time cheque processing capabilities we were looking for,” said Marilyn Jones, director of process improvement at Ben E Keith Company. “IDD Mobile provides deposit flexibility for cheque imaging and has sped up payments processing, providing improved efficiency for our drivers in the field. They no longer have to make stops throughout the day to deposit cheques and we now have quicker access to funds.”