Financial Technology

Financial Technology

October 12, 2012

Eastern Bank Implements WAUSAU Financial Systems' Remote Deposit Capture Solution

New England-based Eastern Bank successfully implemented the WAUSAU Financial Systems’ mobile remote deposit capture (RDC) solution from the WAUSAU Deposit 24/7 Suite.

According to officials this new “Mobile Deposit” feature will let customers make a remote paper check deposit from any location using an iPhone or Android (News - Alert) smartphone without visiting the bank in person.

WAUSAU’s Deposit 24/7 Suite delivers a risk monitoring functionality which helps financial institutions and clients to use remote deposit capture securely within Federal Financial Institutions Examination Council guidelines. The risk monitoring module and the Deposit 24/7 Mobile offer duplicate detection, velocity and dollar limits, as well as image analytics features.

“Eastern Bank is committed to delivering solutions that fit our customers’ lifestyle. The addition of Mobile Deposit was a natural extension to our existing mobile banking solution,” said Barbara Heinemann, executive vice president and chief information officer at Eastern Bank, in a statement. “Since launching the new feature in August, we’ve received a lot of positive feedback from our customers about the convenience of Mobile Deposit.”

This initiative will serve the needs of customers who are keen on using mobile banking solutions as is evident from a Gartner (News - Alert) report which reveals that consumer use of mobile banking has increased 74 percent in 2011.

Also, Eastern Bank plans to allow its mobile banking customers to locate nearest Eastern Bank office or ATM from their mobile phone itself. This full service mobile application is easy to navigate, giving access to all services from a single central location. This application will help the bank manage money easily for its customers also.

“Eastern Bank has developed a really impressive mobile banking solution, designed for its many customers that are on-the-go,” said Kathy Strasser, executive vice president of solution management for WAUSAU Financial Systems.

WAUSAU Financial Systems specializes in providing payment and receivables processing solutions using which businesses can transact money easily. Customers will be able to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management.

mFoundry, a provider of mobile banking services and WAUSAU Financial Systems will be working together to combine mobile banking and mobile remote deposit capture (RDC), according to a recent report.

Edited by Rachel Ramsey

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