14 December 2017
visit http://response.ncr.com

US firms deposit $1bn through Wells Fargo app

28 March 2014  |  6855 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  |  6671 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  |  21191 views  |  2 comments | 18 tweets | 21 linkedin
Wells Fargo joins Isis Mobile Wallet scheme

Wells Fargo joins Isis Mobile Wallet scheme

13 December 2013  |  5504 views  |  0 comments | 6 tweets | 8 linkedin
Wells Fargo plans mini-branches

Wells Fargo plans mini-branches

12 April 2013  |  10094 views  |  0 comments | 8 tweets | 5 linkedin
US Bank settles cheque imaging patent case

US Bank settles cheque imaging patent case

03 January 2012  |  9141 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.solutions.lexisnexis.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
12246 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9567 views comments | 16 tweets | 22 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8191 views comments | 17 tweets | 36 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7405 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7296 views comments | 20 tweets | 11 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job