Large corporations increasingly need better mobile channels to collect small payments on the fly from customers in the field.
To meet that demand, J.P. Morgan Treasury Services on April 24 rolled out a mobile application to enable large corporations to make remote check deposits via smartphones more easily.
Small businesses since 2010 have been able to use JPMorgan Chase & Co.'s Chase Quick Deposit Mobile feature for smartphones, but until now large corporations were unable to link mobile check deposits easily with deposits coming in through other channels, Joe Hussey, a J.P. Morgan executive director, tells PaymentsSource.
Large companies rely on desktop-based remote check-deposit systems for the bulk of their paper check deposits payments gathered in the field, Hussey says. But as demand for mobile remote check deposits grows, it is creating hassles for corporations with separate desktop remote-deposit systems.
J.P. Morgan's new app for first time enables its large corporate customers to take in remote check deposits through smartphones, automatically linking them to customers' desktop-based remote check-deposit and other systems, he says.
The app, which J.P. Morgan began testing in December 2011, is available initially for Apple Inc.'s iPhone, and within a few months the firm plans to add capabilities for Google Inc.'s Android phones. Corporations can set their own limits on the number and amounts of deposits sent through mobile channels, Hussey says.
The application is particularly useful to large companies with field forces that collect individual check payments from customers, he says.
"From media companies all the way to delivery services, there are large companies meeting small customers out in the field every day accepting checks, and they need a way to track and report these though a central channel," Hussey says.
The mobile app is part of a suite of services available to corporate customers which also includes a Virtual Remit feature enabling remote capture and online lockbox storage of images of full-page documents, coupons and envelopes.
The suite also includes an ATM Business Deposit Card that enables customers' employees to make daily check and cash deposits at 10,000 Chase-branded ATMs nationwide without an envelope or deposit slip.
"We have seen tremendous growth in remote check deposit over the last five years, and as the technology has evolved corporations need to maintain a level of centralized control over them, and this app covers those needs," Hussey says.
At least one analyst says J.P. Morgan's app should help some corporations.
"I think this is a pretty interesting technology for selected commercial customers, including those that perform commercial deliveries with their own drivers," Patricia McGinnis, research director with Mercator Advisory Group, tells PaymentsSource. J.P. Morgan's app provides "one more channel for accelerating revenue collection and reducing operational risks," she says.
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