Maps Credit Union’s CUSO CU Wireless Collaborates with Industry Partners CheckAlt and iParse to Provide Mobile Deposit Capture to Oregonians Credit Union
SALEM, Ore. — Members of one credit union have access to one more time and money saving tool, thanks to the partnership between three innovative financial services companies. CU Wireless, CheckAlt and iParse to create a mobile deposit capture product that integrates seamlessly into Oregonians Credit Union’s existing mobile app and provides more accurate image capturing than other mobile deposit products.
This mobile deposit capture product allows members of Oregonians CU to use their mobile phones to deposit checks. iParse’s innovative technology automatically captures, analyzes and converts the image right on the hand set, eliminating the need for the end user to snap multiple pictures because of image quality issues. Sam Launius, executive vice president at Oregonians CU, said, “iParse has been an exceptional partner for our mobile banking needs. We were ecstatic when iParse had the mobile deposit feature available, and that it blends seamlessly with our existing app.”
Once the image is captured, CU Wireless takes over, using state-of-the-art image recognition technology to review and approve the image for deposit with the Federal Reserve. Next, CheckAlt steps in to work with the financial institutions to ensure that the checks get processed with the Federal Reserve. Members are notified by email when the funds have been deposited in their accounts. “We are very excited to be selected by iParse and CU Wireless as their processing partner,” says Shai Stern, CEO of CheckAlt. “CheckAlt is focused on providing best of service in check 21 processing and is honored to be working with such wonderful organizations as CU Wireless and iParse.”
The system leverages the best of all of the partners to provide mobile deposit capture at a relatively low cost to the credit union. In addition, integration into Oregonians’ current mobile app ensures that the members receive a seamless user experience that adds value. “Our members are constantly on the go and have come to expect to able do business with us electronically whenever possible. Mobile deposit was the next logical step to add to our mobile banking offerings,” said Launius.
The technology is currently available to members using iPhone 4 or higher. It will roll out to Android-based phones in the near future.
CheckAlt is a check 21 application business providing RDC, mobile payments and eCheck transaction processing, meeting the exacting needs of businesses and financial institutions. CheckAlt is a NAFCU Preferred Partner offering a suite of Check 21/RDC applications to credit unions. CheckAlt’s clients include banks, credit unions, check cashers (money service businesses), insurance companies, municipalities, utilities, small and medium-sized enterprises.
iParse is a mobile banking technology provider, developing innovative smart phone applications for the financial services industry.
About CU Wireless
CU Wireless is a 100% credit union owned CUSO based in Salem, Oregon. Through innovative technologies and partnerships, CU Wireless offers mobile services to credit unions and members throughout the United States.