Fiserv Testing Remote Deposit Software for Mobile Phones

By Wolfe, Daniel | American Banker, July 30, 2009 | Go to article overview

Fiserv Testing Remote Deposit Software for Mobile Phones


Wolfe, Daniel, American Banker


Byline: Daniel Wolfe

Fiserv Inc. is evaluating a check imaging system that enables consumers to deposit checks using their mobile phones.

The banking technology provider is testing software from Mitek Systems Inc. with some of Fiserv's clients and hopes to expand the program, said Rod Springhetti, Fiserv's vice president of business planning for global payment solutions.

He said that Fiserv is still trying to determine whether it should position Mitek's Mobile Deposit software as a remote deposit product or a mobile banking product but that he is confident it will find an audience.

Springhetti said he focused "more on what I think the opportunity is than whether the technology works. I was convinced very early that the technology is very plausible ... it's very exciting, it's very innovative."

Not all consumers write checks, but "every socioeconomic group receives checks," he said. "There is definitely, we believe, a consumer segment that is interested. What you've got to do is intersect that with: how many checks do they really deposit? It's not a volume play with them. It's much more a convenience play."

There are business opportunities as well, he said, particularly among vendors such as florists, who specialize in perishable goods and want to validate the payments they receive upon delivery.

"There's so much excitement in that market niche because they can start that check in the check processing cycle as quickly as possible and get notification of any problem as early as possible," Springhetti said. "I think it's a group that the banks will not be able to ignore."

Louise Steller, Mitek's director of sales, said the San Diego company has similar deals with about 10 vendors, though "Fiserv is definitely one of the larger vendors that we're working with. …

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