Illinois-based Algonquin State Bank has partnered with Cachet Financial Solutions to deploy both business and consumer remote deposit capture (RDC) solutions.
Algonquin will deploy Cachet’s Select Mobile Deposit and Select Business Merchant Capture solutions during the first quarter of 2016 to enhance its product offerings to attract mobile-first consumers and businesses.
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Algonqiun State Bank president and COO Karen Villaflor said: "Offering consumer and business RDC supports our mission to expand our loan portfolio and grow financially by offering the innovative mobile technologies required to attract today’s tech-savvy millennials and businesses."
Cachet’s Select Business Merchant Capture is a cloud-based software solution, which according to the technology vendor will enable the bank’s commercial customers to electronically deposit checks via an office desktop scanner or mobile device.
Also, Select Business mobile users can access all the same functionality of an advanced merchant RDC system via their tablets or smartphones, including capturing multiple checks in a single mobile deposit.
Select Mobile Deposit, which is also a cloud-based software solution, will give the bank’s consumer customers the ability to use their mobile device to deposit checks electronically — anywhere, anytime.
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By GlobalDataAvailable for iOS or Android devices, Select Mobile users can use their smartphone or tablet to snap a photo of the front and back of their check, and then submit electronically for deposit.
Cachet Financial Solutions president and CEO Jeffrey Mack said: "We’re delighted to partner with Algonquin to power their consumer and business RDC solutions with Cachet’s proven technology.
"Cachet’s innovative Select Mobile Deposit and Select Business Merchant Capture solutions enable financial institutions of all sizes to compete more effectively and expand their businesses, without the need for additional expenditures on infrastructure and personnel."
