28 May 2017
Visit EBAday.com

US firms deposit $1bn through Wells Fargo app

28 March 2014  |  4957 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)

Finextra news in your inbox

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

Related stories

Mobile account opening and RDC skyrockets in US

Mobile account opening and RDC skyrockets in US

22 January 2014  |  6473 views  |  0 comments | 15 tweets | 11 linkedin
Barclays to pilot mobile cheque deposits as UK Government proposes rule change

Barclays to pilot mobile cheque deposits as UK Government proposes rule change

02 January 2014  |  20109 views  |  2 comments | 18 tweets | 21 linkedin
Wells Fargo joins Isis Mobile Wallet scheme

Wells Fargo joins Isis Mobile Wallet scheme

13 December 2013  |  5271 views  |  0 comments | 6 tweets | 8 linkedin
Wells Fargo plans mini-branches

Wells Fargo plans mini-branches

12 April 2013  |  8653 views  |  0 comments | 8 tweets | 5 linkedin
US Bank settles cheque imaging patent case

US Bank settles cheque imaging patent case

03 January 2012  |  7331 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comVisit www.capgemini.com/worldreportsvisit www.events.sap.com

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
13660 views comments | 53 tweets | 81 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
7929 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
7277 views comments | 16 tweets | 16 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
7096 views comments | 12 tweets | 21 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job