Press

Three of the Nation’s Largest Credit Unions Choose DeposZip Mobile

Eastern Corporate Federal Credit Union (EasCorp) and its wholly-owned subsidiary, Vertifi Software, LLC (Vertifi), announced today that $2.4 billion Addison Avenue Federal Credit Union of Palo Alto,  California; $1.4 billion Baxter Credit Union of Vernon Hills, Illinois; and $1 billion FORUM Credit Union of Fishers, Indiana, have selected Vertifi’s DeposZip Mobile service to provide mobile remote deposit capture (RDC) services to their members through downloadable software applications for smartphones. The applications will enable all three credit unions to broadly deploy remote deposit capture technology to consumers across multiple platforms including Apple’s iPhone® and Google’s Android™ phones. Baxter Credit Union and FORUM Credit Union presently use a Vertifi-hosted desktop version of DeposZip for consumer RDC.

The applications are developed as free downloads on the App StoreSM and Google’s Android Market. They make use of the phone’s built-in camera to acquire images, and image pre-processing and validation takes place on-device. Checks are processed electronically end-to-end through Vertifi, and deposits are posted to members’ accounts in real time with immediate access to check images.

Vertifi also announced that its cell phone deposit volumes had topped the $25 million mark since the program was introduced in March this year, with the average mobile deposit holding steady at $650 through the first six months of implementation across several user credit unions. The company noted that DeposZip Mobile volumes drew deposits away from the desktop version of the service, underscoring the versatility of the program and the interest credit union members have in using the two channels interchangeably. Both DeposZip Mobile and DeposZip Desktop rely on the same administrative platform, providing financial institutions a common registration, administration, and risk management platform. Because DeposZip supports any scanning device with a native TWAIN driver, it is also used interchangeably for business accounts with large, multiple-check deposits.

 

Maria Connelly
Vertifi Software, LLC
781.994.3327                                             
800.428.1144
mconnelly@vertifi.com

George Dow
Vertifi Software, LLC
781.994.3302
800.428.1144
gdow@vertifi.com


More News