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Monday, June 14, 2010

Bank to accept deposits from mobile phones

A Philadelphian-based bank, Conestoga Bank has concluded plans to accept cheque deposits through mobile phones by using a hosted mobile-deposit solution from J & B Software Incorporated, reports ATMMarketplace.com.

Disclosing this, the Chief executive officer, Conestoga Bank, Mr. Richard Elko said, customers of the bank in suburban Philadelphia would soon be able to deposit cheques from their mobile phones as part of a deal sealed last week between the two companies.

This service, he said, would be available before the end of September this year, declaring “It will be available in September after summer ends.”

According to the report, part of the deal stipulated that, J & B Software, a payment processing, imaging and electronic content-management company, would provide a hosted mobile-deposit solution for Conestoga’s customers, thereby enabling them to deposit cheques into their accounts from their iPhone, Blackberry, Android and other cellular phones.

He explained that Conestoga Bank decided to offer customers cheque deposits from their mobile phones because J & B Software hosted services would reduce several upfront costs of installing a mobile-deposit system, stressing that all cellular telephone owners need to do is to download the application onto their phones.

J&B Software, which is based in Blue Bell, partnered with Mitek Systems, a San Diego-based company that developed an application for mobile phones.

The application photographs the front and back of the check before transmitting the cheque’s image to the individual’s bank’s account, Mitek spokesperson highlighted, noting that Conestoga’s resolve to offer deposits from mobile phones breaks a pattern with banks that publicly so far have offered the service.

USAA Bank, which is based in San Antonio, Texas, and Bancorp Bank in Wilmington, Del., which either offer mobile deposits or plan to offer the service later this year, are Internet banks that do not have ATMs or branches.

The report added that prior to accepting deposits made from mobile phones, USAA bank customers, primarily active and retired military personnel and their families, mailed check deposits to the bank. Just as Bancorp also accepts deposits by mail or UPS delivery.

Conestoga Bank, however, owns 14 branches throughout Philadelphia county and each office has an ATM, even as the financial institution expressed the belief that mobile deposits would attract new and younger customers, thus reflecting a changing bank market.

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