October 07, 2010 11:10 ET
SAN FRANCISCO, CA--(Marketwire - October 7, 2010) - BankServ announced today that its advanced mobile capture technology is the power behind the PayPal Mobile Check Capture feature recently released in version 2.7 of the PayPal iPhone application in the USA.
With Mobile Check Capture, PayPal iPhone users can take a photo of a check payable to the user and electronically transmit the check for processing with BankServ's technology. The funds are transferred into the user's PayPal account at no cost to the user.
"It is a privilege to provide the underlying processing services for PayPal's Mobile Check Capture," said Danne Buchanan, head of Payment Solutions at BankServ. "This represents an opportunity to reach millions of customers and is a further proof point to our distributed capture strategy and the power of mobile technology."
"With PayPal Mobile Check Capture on the iPhone, there'll be no more checks lying around the house for months -- a user can transfer a check to his account as soon as he receives it by just snapping a photo," said Laura Chambers, PayPal's senior director of mobile. "BankServ was selected because their remote check processing experience is the best in the industry."
BankServ is a leading provider of banking and payment technology for financial institutions and businesses. With its SaaS delivery model, BankServ offers world-class service bureau products for Fedwire processing, SWIFT messaging, check image capture, mobile and online payment acceptance. Founded in 1996, BankServ acquired NetDeposit, LLC, on September 3, 2010 and is a privately held company headquartered in Las Vegas, NV. More information on BankServ is at www.bankserv.com.
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