Wausau and mFoundry form m-banking partnership

Source: mFoundry

Wausau Financial Systems, a leading receivables processing solutions provider, and mFoundry, North America's leading provider of mobile banking and mobile payments services, partner to blend mobile banking and mobile remote deposit capture (RDC) technology into a single solution for financial institutions.

The partnership pairs mFoundry's mobile banking and mobile payments solutions with WAUSAU's Deposit 24/7 Mobile functionality, which offers mobile RDC, a feature that allows consumers and businesses to cash checks via smartphones, to create a holistic mobile banking offering for customers.

Consumer widespread adoption of mobile banking and the trend towards mobile RDC has been celebrated far and wide, but the consolidation of the mobile platforms is on the verge of a breakout. In its fall of 2011 survey of 164 financial institutions, Celent confirms that - driven by customer demand - more than half of respondents plan to offer mobile RDC as part of an integrated mobile banking platform within the next two years.

"Mobile RDC has quickly emerged as a critical mobile banking capability. Our seamless integration with mFoundry offers financial institutions a solution that will drive greater customer enrollment, convenience and usage," said Sam Golbach, senior vice president, integrated receivables financials, WAUSAU Financial Systems. "We're excited about the partnership with mFoundry and the alliance of mobile banking and mobile RDC in a single package."

Convenience for the end user is also a key driver for change. Many mobile banking solutions require the user to exit the mobile application and sign in to a separate application to make a mobile check deposit. With a full-service mobile banking application such as mFoundry and WAUSAU's joint offering, financial institutions of all sizes can offer a streamlined, convenient solution to their customers.

"mFoundry is pleased to partner with WAUSAU to enable banks to capitalize on this year's biggest opportunity in mobile banking - mobile deposit," said mFoundry CEO Drew Sievers. "By connecting to mFoundry's newly released Fin.X platform, institutions not only generate significant top line revenue, but they also can enhance profitability and customer loyalty through valuabuable features like mobile deposit."

A hosted, cloud-based solution, mFoundry Fin.X enables financial institutions to deliver significantly more mobile banking features to smartphones and tablets through an advanced, extensible architecture and a newly created network of best-in-class service providers. By adopting mFoundry Fin.X, financial institutions can provide consumers with a comprehensive, flexible mobile banking experience that delivers the industry's widest choice of services, including remote deposit capture, peer-to-peer money transfer, account funding, mortgage rates, auto insurance quotes, account opening, gift card issuance, merchant funded offers, retail bar-code scanning, among other features. In addition to WAUSAU Financial Systems, mFoundry currently offers RDC from two other providers. mFoundry's new platform packs up to $100 of incremental annual per user of revenue.[1]

Those that deploy the integrated solution will also benefit from WAUSAU's risk monitoring functionality that allows financial institutions and their clients to securely enjoy the benefits of RDC while complying with the Federal Financial Institutions Examination Council (FFIEC) guidelines. The risk monitoring module in conjunction with Deposit 24/7 Mobile™ includes features such as duplicate detection, velocity and dollar limits, as well as image analytics. With these features, risk management teams can better monitor and control risks associated with mobile RDC. 

[1] mFoundry proprietary data and forecast based on actual client experience 

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