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Tuesday, March 16, 2010

Smart phones to replace trips to the bank

Smart phone software may save users trips to bank and brokerage offices:

J&B Software, the Blue Bell-based, 400-worker payment-software-as-a-service maker that's been owned by India's 3iInfotech since 2007, has added Mitek Systems' Mobile Deposit service, which allows customers to deposit checks via smartphone cameras, to its own workflow, risk management and Check 21-brand check-clearing services.

The new service is targeted to community banks and brokerage offices, says 3i Infotech North America "chief revenue officer" JimMcShea. Says J&B in a statement, "For security purposes, a complete audit trail of where, when and how each check was captured is logged. No data or images are stored on the smartphone, and all communication is 128-bit encrypted."
 
Posted by Joseph N. DiStefano @ 12:02 PM  Permalink | 1 comment
Comments   
  • 0 like this / 0 don't   •   Posted 7:28 PM, 03/17/2010
    We are taking pictures of paper checks? Maybe, we don't paper checks. Or banks as we know them. Direct access to Fed check clearing with PGP encryption keys in our smart phones. Disintermediation at its best.
    — Fernando08


1 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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