Three more billion-dollar credit unions have committed to the DeposZip Mobile remote-deposit capture solution offered by Vertifi Software LLC, the tech subsidiary of EasCorp in Burlington, Mass.
They are the $2.4 billion Addison Avenue FCU of Palo Alto, Calif., the $1.4 billion Baxter CU of Vernon Hills, Ill., and the $1 billion FORUM CU of Fishers, Ind., the corporate said. Baxter and FORM already are users of the company's DeposZip Desktop hosted RDC solution for consumers.
The service provides RDC through downloadable applications available at the Apple Store for iPhones and Google's market for Android phones. Check images are shot and validated on the device and then processed electronically through Vertifi for real-time posting and image access in members' accounts.
Vertifi said its first three users have seen more than $25 million processed through that channel since the solution was launched in March. They are the $3.6 billion Digital FCU in Marlborough, Mass., the $4.1 billion Randolph-Brooks FCU in Live Oak, Texas, and the $94 million Torrance Community CU in Torrance, California.
The average mobile deposit has been $650, Vertifi said, adding that it can already see the mobile deposits affecting total the desktop version's volumes, "underscoring the versatility of the program and the interest credit union members have in using the two channels interchangeably."
The solutions use the same administrative and risk management platform and also can be used interchangeably for business accounts with multiple deposits, according to Vertifi, which was formed in 2009 and now provides capture and processing services to more than 175 financial institutions.