Co-Op Financial Services announced it has teamed with mFoundry to offer mobile deposits, allowing members to “snap and deposit” checks from anywhere using their mobile phones.
Co-Op My Deposit Mobile enables credit unions to provide members with advanced, yet user-friendly mobile banking technology. By choosing the deposit function on their mobile banking screen, members can view the history of remote deposit capture transactions, take a picture of the front and back of the check, enter the check amount and complete the deposit.
Credit unions already employing Co-Op’s Next Generation Network will benefit from cost-effective, speedy implementation of Co-Op My Deposit Mobile, with generally no changes required to the credit union’s host processing system.
Co-Op My Deposit Mobile is part of the Co-Op Check Imaging Suite. As a client of one or more of these services, credit unions can utilize a single Web-based system to clear checks from all RDC points, including the ATM, home (via flatbed scanner), small businesses (via high-speed scanner) and, now, mobile phones.
The service will be available in the first quarter of 2011.
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