Creditron Mobile Deposit: Putting Faster Funds Availability and Lower Banking Fees in the Palm of your Hand

TORONTO, ON, June 28, 2010 – Creditron, a leading provider of payments automation solutions, today announced the availability of Creditron Mobile Deposit, a solution that allows for the capture and electronic deposit of checks via a smartphone.

Creditron Mobile Deposit is powered by technology from RDM Corporation.

Creditron Mobile Deposit extends remote deposit capture (RDC) to the actual point of check presentment, eliminating trips to the bank, accelerating funds availability, mitigating the risk of lost checks, and allowing mobile workers to take advantage of extended deposit windows.  Today, these checks are either deposited locally or mailed to a lockbox processing facility.

Creditron Mobile Deposit is ideal for businesses with a mobile work force.  Professionals such as insurance agents, financial advisors and brokers, truck operators, food and beverage distributors, contractors, and real estate agents can use the solution to leverage today's Smart Phone technology and make check deposits from anywhere that a wireless signal is available.  At the end of 2008, the world installed base of camera phones was 1.9 billion.  Any business with remote locations or a low volume of check payments is a candidate for the solution.

Creditron Mobile Deposit also provides insurers with a cost-effective and easy-to-deploy application for allowing consumers to pay their premiums or other bills by smartphone. 

"Now insurers can take advantage of the convenience and operations savings associated with remote deposit capture using a smartphone," said Creditron CEO Wally Vogel.  "Creditron Mobile Deposit securely expedites the traditional deposit and payment process for insurance agents, contractors, distributors, mobile professionals, and even consumers.  This is another critical element of our strategy to deliver solutions that automate the payments cycle." 

Creditron Mobile Deposit has a simplified and intuitive user interface and workflow that is designed to require little or no training.  Not only is the solution easy to use, but it also takes less than a minute to deposit a check; the solution uses the camera on the smartphone to capture the check image, and the connectivity provided by the device to transmit the check payment for deposit.  This means mobile workers can deposit checks as they are received, instead of having to drive to a branch or waiting to get back to the office.  Similarly, consumers can capture images of their check payment, eliminating the need to mail it in.