As a result, both companies are expected to begin a pilot program to enable US financial institutions Town and County Bank’s customers to deposit paper cheques. The service is set to work by taking photos of the cheques via smartphones and submitting them through an electronic application provided by 3i Infotech.
Fifth Third Processing Solutions and 3i Infotech are expected to deliver the eCapture mobile cheque deposit service to the former’s customers via a software-as-a-service (SaaS) model. 3i Infotech is set to provide the application, update the core banking systems and validate cheque images for Check 21 compliance using Mitek Systems mobile IMagePROV technology. Mitek Systems is a US developer of mobile imaging applications for cheque deposits and bill payments.
In recent news, Fifth Third Processing Solutions has inked contracts with three financial institutions in the US to provide electronic transaction processing services.
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