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Credit unions will be the first financial institutions in Canada to let consumers make remote mobile deposits with their smartphones.
Central 1 has announced that three credit unions are poised to launch "Deposit Anywhere," a new mobile banking app feature that makes it easy for consumers to deposit checks (or "cheques," as it’s called up north) using their smartphones.
Deposit Anywhere is a branded mobile deposit service developed by Central 1, which is the effective equivalent to corporate credit unions in the U.S.
Central 1 is working with Meridian, Affinity and Westminster Savings credit unions to launch Deposit Anywhere as part of their mobile banking applications. According to Central 1, this means credit unions will be the first financial institutions anywhere in Canada to offer "remote deposit capture" (RDC).
Starting on April 17, members of Westminster Savings can use Deposit Anywhere when they download the credit union’s free mobile banking app from the Apple App Store or iTunes. Meridian and Affinity credit unions plan to launch the Deposit Anywhere feature soon thereafter in May.
Deposit Anywhere will be broadly available for credit unions to begin implementation this June.
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"Available through Westminster Savings’ mobile banking app, Deposit Anywhere will provide a highly convenient and secure way for our small business members and individuals to deposit cheques without going to an ATM or branch," said Maury Kask, SVP and Chief Customer Experience Officer at Westminster Savings. "We are seeing rapid growth in the use of mobile banking and we know this time-saving feature will be very attractive to our members."
Using this new feature, all that credit union members need to do is log in to their mobile banking app with their smartphone or mobile device, take pictures of the front and back of the cheque, select the account where they would like to deposit the funds, enter the details and send the information to their credit union. Once received, the money is deposited immediately into their account and a confirmation number is sent to them.
"Deposit Anywhere enhances our ability to meet the changing needs of our members today and in the future," says Atul Varde, SVP and CIO at Affinity Credit Union. "Mobile banking is growing in popularity with our members and the introduction of our next-generation mobile banking apps with Deposit Anywhere will provide additional solutions to those wanting to access our services easily, quickly and when it is convenient for them."
NCR Corporation is providing the software behind Deposit Anywhere. Led by its development lab in Waterloo, Ontario, NCR’s APTRA Passport allows financial institutions to capture and consolidate business and consumer cheque deposits made from remote locations – branches, ATMs, businesses, homes or mobile phones – directly into back-office processing. NCR’s software provides the backbone for mobile remote deposits at three of the five largest banks in the U.S.
