J.P. Morgan Launches Image Deposit Direct Mobile

J.P. Morgan Treasury Services, a full-service provider of cash management, trade finance and treasury solutions, today announced the launch of its mobile application Image Deposit Direct® Mobile (IDD Mobile). IDD Mobile enables U.S.-based companies to make check deposits using any Apple iPhone® device, eliminating the need to visit a branch.

IDD Mobile is an extension to the traditional end-to-end check processing solution Image Deposit Direct, an Internet-based remote capture solution for depositing paper check payments. IDD Mobile allows checks to be deposited in real time, at the point of receipt, while an employee is in the field. The application is well suited for clients with sales forces that collect checks from merchants, replacing the need for employees to make an additional trip to a banking center to make a physical deposit or to a centralized office location for checks to be scanned for deposit.

“J.P. Morgan is committed to offering clients the use of technology to extend the electronification of payment processing,” said Joe Hussey, Executive Director, J.P. Morgan Treasury Services. “IDD Mobile allows clients to deposit checks anytime, anywhere, conveniently, easily and safely. This new point of deposit for checks is the ideal complement to the check imaging solutions clients are already using and will deliver an increased level of efficiency when collecting payments and processing checks.”

Pilot clients began using IDD Mobile in December 2011. Among them is Ben E. Keith Company, the third largest beer distributor in the U.S. and operator of a fleet of more than 330 delivery trucks servicing retailers. The company’s drivers are responsible for the safe and timely deposit of check payments from customers.

“IDD Mobile has been a great tool for us, delivering the real-time check processing capabilities we were looking for,” said Marilyn Jones, Director of Process Improvement at Ben E. Keith Company. “IDD Mobile provides deposit flexibility for check imaging and has sped up payments processing, providing improved efficiency for our drivers in the field. They no longer have to make stops throughout the day to deposit checks and we now have quicker access to funds.”

IDD Mobile is part of a suite of check imaging solutions offered by J.P. Morgan Treasury Services, including:

  • Image Deposit Direct® – An internet-based end-to-end remote capture solution for depositing paper check payments and associated remittance coupons and stores the images online
  • Virtual Remit SM – A fully integrated remote capture lockbox solution which captures and transmits checks, full-page documents, coupons and envelopes and stores the images online
  • Image Cash Letter – Records paper check and related payment data as images during the item capture process and transmits for clearing and settlement; reducing the costs, time and risks associated with transporting paper checks
  • Check Deposit Return Images – An online access tool that stores return and redeposit item information and images for up to seven years
  • International Cash Letter – Enables clients globally to receive provisional credit for their U.S. dollar check deposits
  • ATM Business Deposit Card – This deposit-only ATM card provides a clients’ employees a quick and easy way of making daily check and cash deposits anytime at more than 10,000 deposit friendly ATM’s, without an envelope or deposit slip, and obtain copies of deposited checks and a list of currency denominations on the receipt

All IDD Mobile communications are securely encrypted using SSL encryption; potential duplicate checks are identified and decisioned directly on the device. Sensitive data is not stored on any mobile device. Deposits may also be reviewed and approved from the corporate office prior to being released for deposit.

Android users will be able to download and utilize IDD Mobile in the coming months. For more information about IDD Mobile and other check imaging solutions, please visit www.jpmorgan.com/ts.

About J.P. Morgan Treasury Services

J.P. Morgan’s Treasury Services business is a full-service provider of innovative cash management, trade, liquidity and escrow services -- specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan . J.P. Morgan Treasury Services is one of the world's largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Copyright Business Wire 2010

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