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US firms deposit $1bn through Wells Fargo app

28 March 2014  |  5710 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.

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