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EasCorps DeposZip surpasses 100000 users

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BURLINGTON, Mass (11/23/10)--DeposZip, the proprietary remote deposit capture (RDC) service for households and businesses offered by Eastern Corporate FCU and its subsidiary, Vertifi Software (Vertifi), has surpassed 100,000 registered users from 62 credit unions nationwide. Since its inception in late 2007, DeposZip has processed 850,000 checks totaling $660 million--including $41 million received via mobile banking channels since its mobile program rolled out earlier this year. DePosZip lets credit union members, including business account holders, deposit checks through scanners or program-supported smart-phone applications. The smartphone applications, which are available on the App Store and Google’s Android Market, capture check images with the phone’s camera. Image pre-processing and validation take place on-device. Both the desktop and mobile platforms process checks electronically end-to-end through Vertifi. Deposits are posted to members’ accounts in real time with immediate access to check images. One of the earliest adopters of DeposZip was Hanscom FCU in Bedford, Mass. Scott Post, senior vice president of strategy and delivery at the credit union, said Hanscom FCU has found a significant correlation between its RDC users and the number of credit union services they use. Post explains that the credit union’s 2,000 RDC users have on average 7% higher share balances, 45% higher loan balances, 12% more share accounts and 30% more loan accounts.