Mobile cheque deposits in Canada pass one million on first anniversary

Mobile cheque deposits in Canada pass one million on first anniversary

Canadian consumers have used their mobile phones to deposit over a million paper cheques in the year since the technology was first introduced by the nation's banks.

The Canadian Payments Association approved the cheque image rule last year to allow for mobile remote deposit capture (RDC).

According to data compiled by NCR, mobile deposits have doubled every quarter since April 2013 when Canadian banks began deploying to their customers.

Led by CIBC, Tangerine and several Central 1 credit unions, more than 20 financial institutions in Canada are now offering mobile cheque deposit to their customers.

The UK government is currently consulting on plans to enable the nation's banks to use the technology from early next year.

Comments: (3)

A Finextra member
A Finextra member 30 May, 2014, 14:12Be the first to give this comment the thumbs up 0 likes

Even though retail banks in Canada derive 70% or more of their profit from branches, I'm amazed it is not millions per month yet.

A Finextra member
A Finextra member 17 July, 2016, 14:07Be the first to give this comment the thumbs up 0 likes

If someone needs the software to print cheques FAST NEAT and error free with a low cost LASER Printer call e-mail me at <alainbastien@gmail.com>

see demo here >>  http://screencast.com/t/vTYmrvEHufo

English, French and Spanish all in one

Prints 4 to 10 cheques per minute

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 17 July, 2016, 19:01Be the first to give this comment the thumbs up 0 likes

Just 1M in a year? Any idea what percentage of total cheque deposit volume that works out to during the same period?

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