Fiserv Introduces Mobile Deposit With Mitek Technology

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BROOKFIELD, Wis. – Fiserv yesterday announced the launch of its Mobile Source Capture, a new remote deposit solution that enables remote check capture with camera-equipped mobile phones.

Mobile Source Capture uses mobile deposit technologies from Mitek Systems.

Mobile Source Capture is a downloadable application for camera-equipped smartphones that allows users to securely take a picture of the front and back of a check and deposit the item electronically, without having to visit a branch, an ATM, the office or home.

The company said users of Mobile Source Capture can deposit a check instantly from wherever they are to their financial institution for processing, clearing, settlement and posting. Mobile Source Capture initially is being targeted at clients seeking a customized or stand-alone solution.

The solution will be integrated with Fiserv account processing solutions with specific integration announcements in 2010 and in 2011.

Fiserv has been conducting customer pilot trials for mobile deposit capture since 2009. Based on feedback from those pilots, Fiserv expanded the product to include multi-item deposit capability, single sign-on authentication, and a virtual endorsement feature (the ability to place a virtual stamp on the back of the image). Fiserv said it built in robust risk mitigation capabilities that allow for item validation to occur during capture. Fiserv offers enterprise-wide duplicate detection and a near real-time Deposit Review feature which allow quicker feedback to the phone user while ensuring the deposit is valid before it enters the deposit cycle.

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