February 02, 2011

Mobile payments provider mFoundry Tuesday announced a new standalone mobile deposit solution that it says could provide a path for more banks to begin offering mobile remote deposit capture to customers. Dubbed mDeposit Express, mFoundry claims the new product can help credit unions and banks add mobile remote deposit capabilities regardless of what mobile banking platform they run.

"More than 275 financial institutions currently use mFoundry for mobile banking," said Drew Sievers, co-founder and CEO of mFoundry. "There are many more financial institutions out there that just need mobile deposit capture today, or may be locked into a mobile banking solution that doesn’t support mobile capture. With our new offering, they can deploy mobile capture today, with the option to seamlessly upgrade to mFoundry’s full mobile banking product in the future."

The mDeposit Express solution can be implemented in less than 30 days, and can be converted to a "multi-mode mobile banking solution with a direct host system or home banking integration without any disruption to the mobile deposit service," mFoundry claims.

"There is no question that mobile capture is the 2011 ‘must-have’ feature for mobile banking," said Bob Egan, Foundry & Chief Analyst at Sepharim Group. "We expect that many banks and credit unions will deploy a standalone mobile capture solution as a stop-gap solution for their customers, while they figure out their mobile banking and payments strategy. Institutions doing this, however, run the risk of having to market and service two technologies if they haven’t got a clear path to integrated mobile banking."

mFoundry is used by about 300 financial institutions, and provides the payment solution behind the popular Starbucks Card Mobile iPhone app.