Oct. 11, 2012
Diebold is increasing its presence in the growing mobile banking channel with the addition of two new features — remote deposit capture and person-to-person payments — to its MobiTransact mobile banking platform. The RDC application can also be added as a standalone feature to an FI's existing mobile banking app.
Mobile RDC deposits
Diebold mobile RDC eliminates the need for banking customers to submit paper checks for deposit. Using their mobile banking interface and the mobile RDC application, consumers initiate a transaction by selecting the account into which they want to deposit funds. They then take pictures of the front and back of checks to be deposited, enter the check amounts and verify transaction details.
The financial institution's processing center handles the rest. Consumers receive a deposit confirmation message and have the option to receive notification when funds are available for use. An FI can configure deposit options based on an customer's relationship with the institution, including account balance, tenure as a customer and transaction history.
"Mobile remote deposit capture is an incredible time-saving convenience for consumers, who can now deposit checks from virtually anywhere. The solution gives consumers more control over their banking experiences, as they are no longer limited to making deposits in a branch or at the ATM," said John M. Deignan, vice president and chief marketing officer at Diebold. "The technology also benefits financial institutions through check processing efficiencies and improved customer service."
Mobile P2P payments
Diebold's cashless person-to-person payments solution can help financial institutions expand their services in the growing electronic P2P arena — a market valued at more than $500 billion globally, according to CEB TowerGroup research.
MobiTransact mobile P2P payments let banking customers transfer funds to a person or business as easily and quickly as sending an email or text. The process links a customer's bank account with the secure PayPal network.
To send a payment, the sender enters a payment amount on the mobile device, plus the name and email address or mobile number of the party to receive payment. MobiTransact P2P then sends funds to the recipient's PayPal account. From there funds can be used for PayPal transactions or transferred to a bank account. If the recipient doesn't have a PayPal account he or she will be prompted to create one.
"Adding mobile capabilities to electronic P2P transactions enables financial institutions to better retain their customers — and increase profitability — while preventing disintermediation," said Andy Schmidt, CEB TowerGroup research director. "Likewise, offering mobile payment services as a part of a larger mobile strategy amplifies the ability of institutions to sell additional products and services through the mobile device."
For more on this topic, visit the mobile banking research center.