The mobile banking technology provider mFoundry Inc. has added a standalone mobile remote deposit system, the vendor announced Feb. 1
Banks and credit unions may use the Larkspur, Calif.-based company’s mDeposit Express system to offer an option for depositing by capturing check images using a mobile device’s built-in camera. Though it is a standalone application, institutions may grow mDeposit Express into a fuller mobile-banking system, mFoundry said in a news release.
MFoundry designed the system for “financial institutions out there that just need mobile deposit capture today or may be locked into a mobile-banking [service] that doesn’t support mobile capture,” Drew Sievers, mFoundry co-founder and chief executive, said in the release. “With our new offering, they can deploy mobile capture today with the option to seamlessly upgrade to mFoundry’s full mobile-banking product in the future.”
Bob Egan, chief analyst for Sepharim Group, said in the release that “mobile capture is the 2011 ‘must-have’ feature for mobile banking” and that “many banks and credit unions will deploy standalone mobile capture [services] as a stop-gap … for their customers while they figure out their mobile banking and payments strategy.”
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