Financial Institutions Able to More Easily Expand Their Mobile Service Offerings
Vantiv, Inc., a leading provider of payment processing services and related technology solutions for financial institutions of all sizes in the United States, announced recently the launch of its Mobile Check Deposit product that enables consumers and small business owners to use their smartphone to take a picture of a check and deposit into their account. The service, which had been in pilot with Town & Country Bank in Salem, Missouri, is now available in the United States and already more than 40 financial institutions have signed up for the service.
This new service provides extraordinary convenience to financial institutions and their cardholders with an easy and fast way to make deposits anytime, anywhere. The product is offered to financial institutions using a cost effective pay-as-you-go model and has been designed with flexible controls for safe and secure transactions.
With mobile device use skyrocketing, and consumers eager to transact as much business as they can using smartphones, the use of mobile check deposit applications is rapidly growing among financial institutions. A mid-2011 report by Javelin Strategy & Research* showed that one out of every four consumers, and half of mobile bank service users, would like to see their financial institutions offer mobile check deposit.
In anticipation of the coming wave of consumer interest, Vantiv reached out to Town & Country Bank in early 2011 to offer the service as a trial. “A year ago when Vantiv invited Town & Country Bank to join them in this innovative pilot project, we knew it was a great opportunity” said Carl Eichenberger, Chief Operating Officer with Town & Country Bank. “Mobile Check Deposit was offered to a preselected customer base and they have overwhelmingly embraced the technology. We are excited to make it available to all of our customers.” Further, Town & Country Bank found that by adding this application, they gained a competitive advantage by enabling customers to make deposits and access their money without driving to a branch or ATM.
Users of Vantiv’s Mobile Check Deposit will also benefit from leveraging the extensive Jeanie® network, which means there is no core integration required and the setup is quick and easy for both the financial institutions and their customers. Additionally, all Jeanie cardholders are automatically eligible to apply for enrollment.
"Mobile Check Deposit is all about customer convenience and service and we are committed to adding more capability and value to our mobile banking family of products," said Royal Cole, President, Financial Institution Services, at Vantiv. "It doesn't get much more convenient than this. Customers of our processing financial institutions can use their smartphones to deposit checks 24/7, whether they're at home, at the office, or on the road.”
About Town & Country Bank
Town & Country Bank is a community bank that has grown to be one of the largest in South Central and Eastern Missouri. With a charter that dates back to 1894, Town & Country Bank has 11 locations and each is dedicated to offering a full range of financial products and services. Town & Country Bank's main facility is located in Salem, Missouri. The bank has 10 additional locations in the state including an additional branch in Salem, two banks in Rolla, two banks in Ava, and banks in Licking, St. James, Mountain Grove, Bourbon and Pevely. Town & Country Bank's total assets size is currently at $520M. For more information, visit www.tcbanks.com.
About Vantiv, Inc.
Vantiv, Inc., is a leading, integrated payment processor differentiated by a single, proprietary technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company’s growth strategy includes expanding further into high growth payment segments, such as prepaid, ecommerce, mobile and information solutions, and attractive industry verticals, such as business-to-business, government, healthcare and education. For more information, visit www.vantiv.com.
* Mobile Banking, Smartphone and Tablet Forecast 2011-2016: Mobile Banking Moves Mainstream to Mid‐sized, Community Banks and Credit Unions
SOURCE: Vantiv, Inc.