Morgan Stanley Lets Wealthy Clients Deposit Checks Using Smartphones

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NCR announced that Morgan Stanley is the latest financial institution to use its mobile remote deposit capture software. The bank will let wealth management customers deposit checks through their handheld devices.

Morgan Stanley will also be incorporating new software from NCR partner Mitek Systems to streamline the check capture process. The enhancement, called Mitek MiSnap, provides onscreen guidance to clients to help them properly orient the check in the photo frame and then snaps a picture of the check automatically. This helps avoid problems caused by customers' shaking hands and poor positioning of the smartphone camera. The outcome, essentially, is that the user's photography skills will be less relevant in capturing a proper image of the check for deposit.

NCR reported last month that more than 100 million checks have been deposited through mobile devices since its inception. In Canada alone, one million checks have been deposited through mobile applications within the last year, and mobile deposits have been doubling every quarter since April, the company says.

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