Danvers Bank deploys Fiserv remote deposit software

Source: Fiserv

Fiserv Inc. (Nasdaq:FISV) has deployed its merchant capture solution for Danversbank, enabling the $1.1 billion financial institution to offer software allowing its commercial banking customers to electronically capture and deposit checks without leaving their place of business. Premier® Merchant Capture, an image capture solution from Fiserv business unit Information Technology Inc. (ITI), reduces the costs of transportation and deposit preparation for businesses, while making later posting deadlines and improved cash flow possible.

"The technology provided by this solution enables Danversbank to better serve customers in this highly competitive and expanding area of banking, while maintaining the level of customer service expected from a community bank," said Kevin Bottomley, president and CEO of the Danvers, Mass., based bank.

To begin the deposit process, merchants simply place a check in a portable scanner at their place of business, which automatically captures the images of the check's front and back. Premier Merchant Capture then totals the number and value of all imaged checks and verifies that none have already been presented in the current or previous deposit. Using a secure Internet connection, the business then sends the entire batch of checks to Danversbank, which, in turn, provides confirmation when the deposit is received.

With this streamlined deposit process, businesses also reduce posting errors, take advantage of extended deposit processing windows, benefit from faster availability of funds and no longer need to complete deposit slips. In addition, businesses are able to keep a digital archive of all checks to simplify later research.

"The cost savings and convenience of electronic deposits is a win-win situation for our customers and for Danversbank," said Phil Peters, the bank's senior vice president of cash management and commercial deposit services. "With Danversbank, companies of any size have access to the latest electronic treasury management and liquidity tools to manage their working capital."

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