Businesses are now sending more than $1 billion of deposits a day electronically to Wachovia Corp. through its remote capture service.
The Charlotte banking company announced the milestone Monday, saying that demand for the digital imaging service is growing rapidly. The number of domestic customers is up 40% since the start of the year, international customers are up 25%, and the number of checks converted to electronic images and transmitted to Wachovia is up 30%.
Wachovia introduced the remote capture product in 2004, and was one of the first major banking companies to move into what has become a major imaging market.
A recent report from the Boston market research company Celent LLC predicted that more than 250,000 business locations will be using remote capture systems to make deposits by yearend, up more than 125% from last year.
Lee Madden, Wachovia's team manager of image services and a senior vice president, said in a press release that the remote capture product "has great momentum now for adoption by businesses of all sizes as they look to digital solutions to improve their internal efficiency and profitability."
