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WAUSAU Financial Systems Deploys Mobile Remote Deposit Capture For Dollar Bank

Stocks in this article: MITK

MOSINEE, Wis., Aug. 8, 2012 /PRNewswire/ -- Dollar Bank, the largest independent mutual bank in the nation with assets of more than $6.5 billion, has implemented WAUSAU Financial Systems' mobile remote deposit capture (RDC) solution, Deposit 24/7 Mobile™, from its Deposit 24/7 Suite™.  In the first month alone, the bank has seen great success, processing nearly 2,500 deposits totaling $500,000 through the solution.

A 2011 Celent study notes that approximately 80 percent of surveyed financial institutions are considering a mobile RDC solution, but as a Javelin and USAA study shows, many aren't taking action.  Despite the benefits of the technology for all parties and its "must have" status to keep up with consumer demand and achieve cost savings, several of the 10 largest U.S. financial institutions still aren't offering mobile RDC to customers.

"As an institution, we take pride in being one of the first to market in providing our customers solutions that grant them greater convenience and a better all-around banking experience.  Our customers asked for mobile RDC and through our partnership with WAUSAU, we delivered," said Pamela Dancisin, vice president of marketing at Dollar Bank. "Since launching the solution in May, we've seen such a great retail response that we plan to extend the solution to our corporate customers in the fall."

Dollar Bank sees the near-instant success of the consumer mobile RDC solution, combined with the growth of its treasury operations leveraging a Deposit 24/7 Merchant RDC solution also provided by WAUSAU, as assurance that the corporate rollout will be a success. 

Since implementing its solution for business customers in 2009, Dollar Bank has distributed more than 1,200 merchant RDC systems, and today processes more than $170 million in deposits monthly. A new offering will combine mobile with merchant RDC, and the extended mobile capabilities will be provided to businesses free of charge.

"We've experienced great success in leveraging the solution to expand our geographic footprint with small and midsized business customers," said Judy Murtha, senior vice president and director of treasury management at Dollar Bank. "While customers grasped the RDC concept quickly, we never imagined how successful the technology would enhance the Dollar Bank brand image and lead to this level of new business. This momentum surely will continue as we add mobile RDC to our suite of corporate services."

When Dollar Bank's treasury offering with mobile RDC goes live, it will combine the bank's proprietary Positive Pay® service with WAUSAU's 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. With these features, risk management teams can better monitor and control risks associated with mobile RDC.

"Dollar Bank has been first to market in so many areas and they've been a great partner to WAUSAU for many years," said Kathy Strasser, executive vice president of solution management for WAUSAU Financial Systems. "They provide an excellent case study for financial institutions on the fence about the technology, as they've showcased the ability to successfully carry RDC – including mobile RDC – across all channels of their business."

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.

WAUSAU is currently expanding its Deposit 24/7 Suite to provide the small and mid-tier business markets a receivables hub that accepts checks and electronic payments via Automated Clearing House and credit card. 

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 Dollar BankDollar Bank is the largest independent mutual bank in the nation with assets of more than $6.5 billion. Today, Dollar Bank operates more than 60 locations throughout the Pittsburgh and Cleveland metropolitan areas. Utilizing Mobile Remote Deposit is the latest customer innovation from the bank that was the first bank in the region to introduce Pay-By-Phone telephone banking in 1975. In February 1997, Dollar Bank was the 16th bank in the country to offer Online Banking, and shortly thereafter that service was included in the 1998 Computerworld Smithsonian Innovation Collection. For 157 years, Dollar Bank has grown to become a large, full service, regional bank committed to providing the highest quality of banking services to individuals and businesses. Dollar Bank is headquartered in Pittsburgh, Pennsylvania.

About Mitek Systems Headquartered in San Diego, Calif., Mitek Systems (Nasdaq:MITK) is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay bills, get insurance quotes, and transfer credit card balances by snapping a picture with their smartphone or tablet cameras instead of using the device keyboard. Mitek's technology increases convenience for the consumer by eliminating the need to have to go to the bank branch or automated teller machine, and dramatically reduces processing and customer acquisition costs while increasing customer retention. With a strong patent portfolio, Mitek is positioned as the leading innovator in mobile imaging software and currently provides its solutions to Fortune 500 financial services companies. For more information about Mitek Systems, please visit www.miteksystems.com.

SOURCE WAUSAU Financial Systems

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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