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Fundtech’s NetDeposit Mobile Express Creates mRDC Opportunities
Oct 9 - Fundtech, a market leader in global transaction banking solutions, has launched NetDeposit Mobile Express, a new mobile remote deposit capture app for financial institutions that are seeking a fast, easy and low-cost way to launch a mRDC service for their retail client bases. The app is available through the Fundtech service bureau and can be added to a FI’s existing mobile banking app or offered as a standalone app. It is particularly well-suited for FIs that currently do not offer a mobile banking service.
Mobile RDC is a fast-growing service that offers FIs an effective way to expand their client bases beyond their branch coverage areas. While the largest FIs have adopted and heavily promoted mRDC, community banks and credit unions have been slow to adopt the new technology due to start-up investment costs and integration complexity. Now, with the introduction of Fundtech’s NetDeposit Mobile Express, FIs can offer mRDC to customers in a cost-effective, easy-to-use way. Customers can log-in to a custom FI-branded mobile application, use an intuitive interface to take a picture of the check with their mobile device, and conveniently make deposits in a secure environment.
NetDeposit Mobile Express harnesses the power of Fundtech’s flexible, centralized NetDeposit Suite to offer:
-Multilingual support – Multiple language options for a custom user experience.
-Locations and contact features – user-friendly features to add value to banks’ mobile offerings such as nearby ATM locations.
-Real-time error detection – Detects and corrects missing payee endorsement, duplicate suspects or image validation errors before submittal to ensure a positive deposit experience for customers.
-Deposit fraud and detection – Flexible business rules allow FIs to tailor custom risk profiles to match their unique risk tolerance.
-Secure access – Selective provisioning, multi-factor authentication and no deposit data stored on the device.
Celent Senior Analyst Bob Meara comments, “Over the past 12-18 months, large FIs have heavily advertised and promoted mRDC, and as a result, it has become a fast-growing service, both in terms of consumer interest and adoption. FIs who are not yet offering mRDC would benefit from finding an expedited option so that they can get in the game. Fundtech’s introduction of NetDeposit Mobile Express is well-timed in response to this marketplace need.”
Danne Buchanan, executive vice president at Fundtech, said, “The launch of NetDeposit Mobile Express unlocks valuable new business opportunities for FIs in the U.S. We’ve taken the experience gained from being one of the largest providers of RDC solutions, with 25 of the top 100 banks, and created a new standalone mobile app for FIs desiring a cost-effective mRDC that easy to setup and being offering to client. By offering mRDC, FIs have the opportunity to enhance the customer experience, expand their operating footprint and ultimately grow their business.”
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, our clients benefit from lower operating costs and an enhanced end-user experience through our integrated and feature-rich solutions. Our major product lines are: global and regional payments, corporate cash and liquidity management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway and mobile banking products. Fundtech offers its software through a traditional software license and a software-as-a-service contract. It operates Fundtech Connect, one of the world’s largest services bureaus that address the unique needs of the financial services industry. Thousands of financial institutions and companies worldwide rely on Fundtech’s innovation to improve operational efficiency, increase revenues and provide greater competitiveness through business-to-business services. Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information please visit www.fundtech.com.