CINCINNATI — Payment processing service-provider Vantiv said Wednesday that it has launched 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, Mo., is now available in the United States and already more than 40 financial institutions have signed up for the service.
The product is offered to financial institutions using a pay-as-you-go model and has been designed with flexible controls for safe and secure transactions.
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, COO 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.”