MOSINEE, Wis., Oct. 10, 2012 /PRNewswire/ -- Eastern Bank, the largest independent, mutually owned bank in New England with $8 billion in assets, has implemented WAUSAU Financial Systems' mobile remote deposit capture (RDC) solution from its Deposit 24/7 Suite™. The new "Mobile Deposit" feature allows customers to remotely deposit a paper check using an iPhone® or Android™ smartphone.
According to a recent Gartner report, consumer use of mobile banking has increased 74 percent in the past year alone. Javelin reports that more than one in four consumers find mobile deposit desirable or very desirable.
"Eastern Bank is committed to delivering solutions that fit our customers' lifestyle. The addition of Mobile Deposit was a natural extension to our existing mobile banking solution," said Barbara Heinemann, executive vice president and chief information officer at Eastern Bank. "Since launching the new feature in August, we've received a lot of positive feedback from our customers about the convenience of Mobile Deposit."
In addition to remote deposit capture functionality, Eastern Bank's upgraded mobile application allows its mobile banking customers to find the closest Eastern Bank office or ATM by using their phone's location services feature. The full-service mobile application is easy to navigate, allowing access to these features and more, all from one central location.
"Eastern Bank has developed a really impressive mobile banking solution, designed for its many customers that are on-the-go," said Kathy Strasser, executive vice president of solution management for WAUSAU Financial Systems. "The one-stop application achieves the bank's commitment to make managing money simple for its customers, a direction we're seeing more and more financial institutions move toward."
WAUSAU's Deposit 24/7 Suite includes risk monitoring functionality that allows financial institutions and their clients to securely enjoy the benefits of RDC while complying with the Federal Financial Institutions Examination Council guidelines. The risk monitoring module, in conjunction with Deposit 24/7 Mobile, includes features such as duplicate detection, velocity and dollar limits, as well as image analytics.
Deposit 24/7 Mobile is powered by patented technology from mobile imaging innovator Mitek Systems, Inc. (NASDAQ: MITK), delivering the industry standard for mobile check capture, image recognition and image quality analytics.
For information on WAUSAU's RDC and other solutions, please visit www.wausaufs.com.
About WAUSAU Financial Systems
WAUSAU Financial Systems is a premier provider of payment and receivables processing solutions, helping businesses of all types move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU holds the No. 1 market share position in retail and wholesale remittance processing solutions. WAUSAU processes more than $1 trillion in payments each year through its work with more than 650 organizations, and maintains more than 30 percent of all U.S. lockbox volume. The company works with 13 of the 25 largest financial institutions, 42 percent of insurance companies with more than 5 million customers and 24 percent of utilities with more than 100,000 customers. More than 200 financial institutions use WAUSAU's remote deposit capture service, and industry consultants Celent and Aite have ranked WAUSAU's remote capture functionality above all competitors. CEB TowerGroup also recognized WAUSAU's Receivables360 as the industry's most comprehensive and advanced integrated receivables solution. For more information, visit www.wausaufs.com.
About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest independent and mutually owned bank in New England, with $8 billion in assets and more than 90 branches serving communities from the Merrimack Valley to Cape Cod. Eastern Bank offers banking, investments and insurance all under one roof, and prides itself on working harder to understand its customers' needs so it can deliver these services in a committed and personal way. Eastern Bank includes Eastern Wealth Management and Eastern Insurance. For more information, visit www.easternbank.com or www.facebook.com/easternbank.
SOURCE WAUSAU Financial Systems