Ensenta, a payments technology provider, announced today that Live Oak Bancshares, Inc. (“Live Oak”) (NASDAQ: LOB) is fully integrated with Ensenta’s Multi-Check API for Business Mobile to offer seamless multi-check remote deposit capture (RDC) capabilities to its small business customers.
Live Oak Bank, headquartered in Wilmington, N.C., is the nation’s second largest Small Business Administration (SBA) lender and the first financial institution to go live with Ensenta’s business multi-check mobile API. Live Oak is committed to providing innovative technology solutions to its small business customers and chose Ensenta to better meet the specific needs of this crucial market.
“We understand the needs of small businesses and strive to provide a banking environment that gives our customers the tools they need to grow and succeed,” said Mark Moroz, director of deposits at Live Oak. “Through our partnership with Ensenta, we make it easier than ever to deposit multiple checks at once through a convenient mobile experience. This kind of real-time innovation brings technology and efficiency to our customers’ fingertips.”
Checks remain one of the top payment methods received by small businesses; however, only 16 percent of small businesses nationwide use remote deposit capture, according to a recent Celent study. Until recently, small businesses have relied on single-check mRDC, a desktop scanner or visiting the branch to deposit checks. Live Oak’s mobile banking app lets small businesses deposit multiple checks (no need to enter each amount) using a mobile phone or tablet connected to Ensenta’s multi-check mobile API.
“Our multi-check API addresses the growing need for financial institutions like Live Oak to provide businesses with an innovative, game-changing solution that will help them create a better customer experience and ultimately set them apart from the competition,” said Louise Steller, vice president of product strategy at Ensenta. “We look forward to continuing our relationship with Live Oak as they serve this important, growing market.”