TRY FOR FREE

10 Remote Cheque Deposit Applications in US From Non-Banks

In the U.S. around $4.7 trillion in checks were issued to consumers in 2013, a staggering figure nearly $1 trillion higher than all U.S. card payments combined. So I wanted to cover this topic but focus on the zone at the intersection of Checks and mobile devices. The Federal Reserve estimated that around 20% of checks paid entered depositary banks as electronic images sent using remote capture devices last year in the U.S.

Background

Estimates are that 44 million consumers used mobile capture in 2014 up from 20 million in 2013. This is out of approximately 160 million banked consumers. Remote deposit capture (RDC) is considered to be the most important development by the Federal Reserve in the US. Remote deposit capture refers to the ability to deposit a check into a bank account from a remote location without having to physically deliver it to the bank. This is achieved by scanning a digital image of the ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.

RECOMMENDED