Dollar Bank, an independent mutual bank, has implemented WAUSAU Financial Systems’ mobile remote deposit capture (RDC) solution, Deposit 24/7 Mobile, from its Deposit 24/7 Suite (view press release). In the first month the bank processed around 2,500 deposits totalling USD 500,000 through the solution. Dollar Bank has been encouraged by the reaction to the consumer RDC solution and the growth of its treasury operations leveraging a Deposit 24/7 Merchant RDC solution, also provided by WAUSAU, and believes corporate rollout will be successful. A new offering will combine mobile with merchant RDC with extended mobile capabilities that will be provided to businesses for free.
When Dollar Bank’s treasury offering with mobile RDC goes live, it will amalgamate the bank’s proprietary PositivePay service with WAUSAU’s risk management functionality. The risk monitoring module, in conjunction with Deposit 24/7 Mobile, includes duplicate detection, velocity and dollar limits and image analytics features.
Deposit 24/7 Mobile is powered by patented technology from mobile imaging company, Mitek Systems. WAUSAU is currently expanding the suite to provide the SMB market with a receivables hub that accepts checks and e-payments via Automated Clearing House and credit card.
