27 May 2015
Your browser is unable to support Flash files.

US firms deposit $1bn through Wells Fargo app

28 March 2014  |  3887 views  |  0 Check close up

American businesses have deposited more than $1 billion through Wells Fargo's mobile app since its launch in late 2011.

The free CEO Mobile Deposit service lets firms scan and deposit cheques and money orders using their iPhones and iPads.

Secil Watson, head, wholesale Internet solutions, Wells Fargo, says: "For people who are always on the go or out of the office, mobile deposit capability is a major asset because it does something huge: it eliminates the time spent driving to the bank or the office to make deposits."

With cheques still widely used in the US, remote deposit capture has become increasingly popular in the 10 years since Check 21 legislation came into place.

According to data compiled by Celent, some 20 million consumers used mobile RDC last year compared with 10.9 million in 2012 and only 2.2 million in 2011. The analyst house predicts the mobile user base will increase to 61 million by 2016.

The UK government is set to consult on following suit and allowing banks to process cheque images for the first time, suspending the current requirement for banks to physically see the paper version before agreeing to honour the payment.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

22 January, 2014
02 January, 2014
13 December, 2013
12 April, 2013
03 January, 2012

Related company news

 

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
7893 views comments | 50 tweets | 32 linkedin
UK opts out of European online payments se...
7499 views comments | 22 tweets | 17 linkedin
Bigger banks may have to set up their own...
6391 views comments | 41 tweets | 33 linkedin
JPMorgan Chase puts data to use with new t...
4614 views comments | 16 tweets | 7 linkedin
Postbank trials HCE mobile payments
4600 views comments | 9 tweets | 8 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job