EasCorp Subsidiary Notches $1 Billion in Remote Deposits
Eastern Corporate Federal Credit Union’s technology arm has now passed the $1 billion mark in remote deposits since the service was created two years ago.
Vertifi Software LLC was launched in 2009 and began offering remote deposit capture through desktop PCs and scanners. Its DeposZip Mobile service began in January 2010 and now includes iPhone, iPad, iPod touch and Android applications.
“The program’s rapid adoption and expansion can be attributed to a variety of factors, including its convenience for consumers and cost effectiveness for credit unions,” said Alan Bernstein, president of Vertifi Software in Burlington, Mass.
Registered users have grown from 78,000 to 140,000 in the past year, and average daily deposits across nearly 70 participating credit unions now exceed $2 million, Vertifi said. Overall, the EasCorp subsidiary provides image capture and statement rendering services to more than 175 financial institutions.