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Pay Cheques Into Bank Accounts with a Camera Phone

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USA based banking processing vendor, Wausau Financial Systems is to start accepting cheques that are submitted by a camera phone as opposed to handed over to a bank teller. The company has teamed up with Mitek Systems to offer Mitek's mobile Remote Deposit Capture (RDC) capabilities to financial institutions.

With the integrated capabilities of Mitek's Check 21-compliant Mobile Deposit application and Wausau's mobile RDC offering, financial institutions soon can provide their customers the ability to deposit either personal or business checks via camera-equipped smartphones. Deployment of the application begins in September.

"With Mitek's technology, we're expanding our best-in-class RDC technology, making the solution more sophisticated and attractive for consumers and businesses alike," said Kathy Strasser, executive vice president, Solution Management for Wausau Financial Systems. "Further, financial institutions will see the benefits as well, from the ability to offer cutting-edge services to customers and enhanced customer loyalty, to increased profits and significant cost savings."

A secure application, Mobile Deposit allows users to initiate mobile-deposit sessions, key in deposit amounts and simply snap photos of both sides of the checks with smartphone cameras. The Mitek software captures the check images and prepares them for transmission to the business's receiving RDC solution.

Before transmitting, Mitek's IMagePROVE technology formats the check images, automatically corrects any image distortions or skewing, and confirms that the images meet accepted image-quality standards. After the checks are submitted successfully, users receive instant communications back from their banks, resulting in rapid access to funds or timely payments.

"Having an industry leader in remittance, RDC and image-capture technology like Wausau Financial Systems sign on to use our Mobile Deposit technology is tremendously important for us," said Mitek CEO James DeBello. "We have worked very hard and invested a lot to develop an application that is easy to use, so it's very satisfying to see that hard work appreciated by a leader the caliber of Wausau."

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