Strong Demand For Remote Deposit Capture

Credit unions that may not want to invest in an entire payments suite may find alternatives for offering instant deposit.


Remote Deposit Capture technology is perhaps one of the more sought after mobile services. Many people are willing to change financial institutions to be able to snap a picture of a check and have the funds available in their accounts immediately.

Many smaller credit unions that are reluctant to invest in a full mobile platform can look for options for purchasing just the app that delivers the service outside of any other mobile service platform. Companies like FundTech, a New Jersey-based financial services provider that serves medium and larger banks, are eager to tap into the small bank and credit union industry with less expensive apps, FundTech executives told at the recent BAI Retail Delivery conference in Washington D.C.

Other companies like Mitek Systems, Bluepoint Solutions, Diebold, and RDM Corporation are also offering remote deposit capture solutions, a technology trend one study refers to as a “quiet revolution” in the financial services industry.

For example, Mountain America Credit Union ($3.2M, West Jordan, UT) launched Bluepoint Solutions’ remote deposit capture with minimal promotion in 2011, yet usage has surged over 1,800%. Within the first year, the credit union has processed more than 100,000 mobile deposit transactions totaling nearly $36.5 million, according to Bluepoint.

On Oct. 9, the first day of the BAI conference, FundTech launched NetDeposit Mobile Express, which is a mobile based application that credit unions can quickly deploy to support mobile remote deposit capture without having to invest in a full mobile banking platform. It’s a product developed in response to high demand from credit unions for a mobile remote deposit app that doesn’t require a lot of upfront investment, executives said.

The app, about $10,000, can be branded as the credit union’s app and can provide additional value added features like ATM location, GPS location look up or branch location lookup. Credit unions can custom fine-tune criteria like transaction limits, new account reviews and they can operationally review those items before getting them into the clearing and settlement to ensure the transactions have the kind of integrity of a transaction that came through the branch.

Credit unions that are undecided about whether to offer remote deposit capture service for their members because of cost should look hard at the market, where an increasing number of affordable options are cropping up. Afterall, self-service products are all about the member, as Op-Ed contributor Ron Daley points out. “For most, the shift toward self-service devices and applications is no longer a question of if, but when,” Daley writes.


Nov. 6, 2012


  • Our credit union plans to roll out mobile banking and remote deposit capture early 2013, I can't wait! Great and timely article, Rebecca.