Fifth Third Processing Cracks Mobile Deposits Market
CINCINNATI – Fifth Third Processing Solutions, which processes accounts for more than 1,000 credit union, said this morning it is introducing its own version of a mobile deposits solution, with 3i Infotech.
The new solution, known as 3i Infotech eCapture mobile check deposit will allow credit union members to deposit paper checks anytime, anywhere by taking photos of the checks via their smartphones and submitting them through a secure electronic application provided by 3i Infotech.
Fifth Third Processing and 3i Infotech will deliver the eCapture mobile check deposit solution to Fifth Third Processing’s customers via a software-as-a-service (SaaS) model. 3i Infotech provides the application, updates core banking systems and validates check images for Check 21 compliance using Mitek Systems' mobile IMagePROVE technology. Fifth Third Processing Solutions will integrate with its processing systems and thereby allow customers to get up and running quickly with minimal financial and technology investment.
The initiative will begin with a pilot program involving Town and County Bank, based in Salem, Missouri.
Fifth Third Processing is a joint venture between Cincinnati's Fifth Third Bancorp and Boston private equity firm Advent International.