The $4.2 billion Digital Federal Credit Union in Marlborough, Mass., said it is now the first reported credit union to process more than $1 billion in remote check deposits from individual consumers.
The 350,000-member DCU was an early adopter of RDC technology, introducing it in March 2008. Since then more than one million checks have been deposited from PCs and now mobile devices, the credit union said.
DCU has been using the services of Vertifi Software LLC, a subsidiary of EasCorp in Burlington, Mass., for its RDC technology, adding mobile in April 2010 for iPhone and Android users and a standalone iPad app in July 2011. Through the end of 2011, more than 195,000 checks totaling more than $135 million were deposited by mobile, the credit union said.
“Providing our members with state-of-the art banking options including the ability to deposit checks from the comfort of their home, while at the office, or by simply taking a picture of them has and will continue to be our focus,” said Julie Moran, DCU’s vice president of support services.
Vertifi Software Alan Bernstein said, “Our long-standing relationship with DCU enables Vertifi to innovate and execute at the leading-edge of payment systems technology. Their members set the bar very high, and this inspires the DCU/Vertifi collaboration.” The company now provides image and statement processing, RDC and mobile banking services to more than 200 financial institutions.