Fiserv Inc., of Brookfield, Wis., on Wednesday said more than 3,300 financial institutions are using its remote deposit capture services.
The technology vendor's customers, mostly banks and credit unions, have amassed more than 160,000 end users for the products, which include services that allow merchants and consumers to convert paper checks to digital images and send them to their financial institution.
A growing number of Fiserv's bank clients are now using more than one of its RDC products, reflecting their growing comfort with the risk management features of the products, Gary Brand, the company's director of source capture optimization, said in an interview at Nacha's annual conference in Austin, Texas, on Tuesday. "They put the infrastructure in place that handles risk," Brand said, adding that the work for one RDC service supports others. Mobile check deposit software, which Fiserv began offering last year, is also generating demand, though Fiserv does not have any customers who are live with a service, Brand said. It has signed contracts in the "significant double digits" with banks for the service, Brand said.
Fiserv's mobile capture software uses patented imaging technology from Mitek Systems Inc., a San Diego vendor that licenses its technology to other vendors and banks. Mitek on Tuesday announced that it and its vendor partners signed 26 new agreements in the first three months of the year with banks and other customers. The contracts included two of the 10 largest U.S. retail banks, adding to the three Mitek or its partners signed in the previous quarter. In February, Mitek said it signed JPMorgan Chase & Co., which initially offered mobile deposit apps based on software developed internally.
