Banking at ING Direct just got more simple and convenient. Beginning today, clients can deposit cheques into their accounts remotely using Cheque-In, a new feature of the bank's existing mobile app.
Cheque-In allows clients to take a picture of their cheque using their mobile device and have it deposited immediately into their ING DIRECT account. The feature is the first available on all major platforms, including Apple iPhone, iPad, iPod, Android Phone, Android Tablet, BlackBerry Mobile devices with BB10 OS, and tablets running Windows 8.
"One of our commitments to Canadians is to make banking safe, simple and convenient to fit today's lifestyles," said Peter Aceto , president and CEO at ING DIRECT. "With Cheque-In, Canadians can deposit cheques quickly and securely using their smartphones, which are such a central part of our lives. This means we can now deposit a cheque as soon as we receive it, without the hassle of going to a bank branch or ABM, and our money can start earning interest right away. This is a huge step forward for consumers, banks and the payments industry."
According to the Canadian Payments Association (CPA), Canadian businesses and consumers write close to four million cheques on average every business day. Each cheque is physically handled multiple times as it moves throughout the clearing and settlement system.
"Modernizing Canada's payments system is a key focus for the Canadian Payments Association," said Gerry Gaetz , the CPA's CEO. "We are facilitating the use of image technology to make the cheque clearing process more efficient. Using the CPA's comprehensive legal and operational framework for imaging, Canadian financial institutions can now develop and offer new image-based products and services, such as remote deposit capture, to their customers," added Mr. Gaetz .
The U.S. began clearing cheques electronically in 2004. According to the U.S. Federal Reserve, practically all of the 25 billion cheques deposited in the U.S. each year are now cleared electronically. In 2010, electronic collection and presentment of cheques resulted in annual savings of approximately three billion dollars for financial institutions, businesses and consumers in the U.S.
The practicality of remote deposit capture is what makes it so appealing for consumers and banks alike. The technology used by ING DIRECT, developed in Waterloo, Ontario in part by NCR Corporation, meets the needs of banks looking to modernize operations and services, as well as consumers who are looking for choice and flexibility.
"Remote deposit capture is one of those rare opportunities that simultaneously deliver an improved customer experience, increased convenience and productivity improvements to the Canadian economy," said Steve Nogalo, vice president and general manager of Payments and Multichannel, NCR Corporation. "For ING DIRECT's clients, Cheque-In is a clear win. They will be able to make their deposits from the comfort of their own home or while on the run. ING DIRECT's implementation of NCR's mobile RDC solution is an important step forward for Canadians."
Charaka Kithulegoda, CIO at ING DIRECT is excited that this technology is finally available for Canadians. "With remote deposit capture, clients can deposit cheques securely and easily, when and where it makes sense for them. It's a fantastic example of how mobile banking is changing our lives, and it offers a glimpse of what's on the horizon."
To use Cheque-In, clients need to log in to the ING DIRECT mobile app on their mobile device and take a picture of both the front and back of their cheque. The client will then select which account (THRiVE ChequingTM or Investment Savings Account) they would like to deposit the funds to, and enter the full amount written on the cheque before confirming the deposit. The funds are immediately deposited into the client's account, and are subject to the client's normal hold policy limits.
A recent survey by ING DIRECT found that over half of Canadians (55%) deposit at least one cheque per month to their bank account, either by depositing it in an ABM (71%), bringing it to a branch (41%) or mailing it to their bank (1%). Over a third of Canadians (38%) are open to doing more traditional banking functions using their smartphone; this number jumps to 57% when looking at 18 - 34 year olds exclusively.