US based Capital One Bank has introduced a new tool, Mobile Deposit Capture, which will allow commercial customers to make cheque deposits using their smartphones.
Featuring a simple and user-friendly interface, the system is equipped with a practice feature, help screen and easily integrates with Capital One’s existing Remote Deposit service.
Capital One Bank treasury management and enterprise payments head and evp Colleen Taylor said the tool will enable customers to save their money and time by eliminating the need to visit the branch.
Commenting on the tool’s performance during its pilot test, DiCarlo Food Service credit manager Pat Harris said using the application sales force of the firm was able to deposit checks as they collected them.
Headquartered in Virginia, Capital One had $213.3bn in deposits and $302bn in total assets outstanding as of 30 September 2012.
It has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia.