Take a photo of a check on a mobile phone
Mountain America Credit Union’s app allows customers to take a photo of a check on their mobile phones and have it deposited into their accounts (view press release). The customers would need to open the app on their device, select ‘mobile deposit’ from the menu, enter the deposit amount, then choose the right account and send photos of the front and back of the endorsed check. They would then receive confirmation that the check image was received and that their deposit had been made.
Mountain America’s app has been available since July 2011 and has since seen the mobile check deposits increase more than 1800%. The app can be found on iTunes or the Android Market by searching ‘MACU.’
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
