Central 1 Credit Union

Central 1 Credit Union

April 15, 2013 06:00 ET

Credit Unions Will Be the First Financial Institutions in Canada to Let Users Deposit Anywhere™ With Their Smartphones

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 15, 2013) - Tap. Snap. Send. Central 1 Credit Union (Central 1) and three credit unions are poised to launch Deposit Anywhere, a new mobile banking app feature that makes it easy to deposit a cheque using a smartphone.

Deposit Anywhere is simple, secure and saves time. Users can deposit a cheque anywhere, anytime, in less than a minute, without having to visit a branch or find an ATM.

Credit unions will be the first financial institutions in Canada to offer remote deposit capture - the ability for members to use the camera in their mobile device to snap an image of the cheque they want to deposit and use their mobile banking app to deposit the item electronically. No more taking a cheque to a branch or an ATM. Deposit Anywhere is Central 1's branded mobile deposit service.

Central 1 is working with Meridian in Ontario, Affinity Credit Union in Saskatchewan and Westminster Savings Credit Union in B.C. to launch Deposit Anywhere as part of their mobile banking applications.

Starting on April 17, members of Westminster Savings can use Deposit Anywhere when they download the free Westminster Savings mobile banking app from the Apple App Store or iTunes. Meridian and Affinity credit unions plan to launch the Deposit Anywhere feature in May.

Deposit Anywhere will be broadly available for credit unions to begin implementation this June.

"We are constantly developing new, innovative ways for credit unions to meet the changing needs of their members," said Oscar van der Meer, Chief Technology Officer at Central 1, the trade association and financial facility for credit unions in B.C. and Ontario. "We help them keep in the lead of the rapidly developing financial services market."

"Available through Westminster Savings' mobile banking app, Deposit Anywhere will provide a highly convenient and secure way for our small business members and individuals to deposit cheques without going to an ATM or branch," said Maury Kask, SVP and Chief Customer Experience Officer at Westminster Savings. "We are seeing rapid growth in the use of mobile banking and we know this time-saving feature will be very attractive to our members."

Using this new feature, all that credit union members need to do is log in to their mobile banking app with their smartphone or mobile device, take pictures of the front and back of the cheque, select the account where they would like to deposit the funds, enter the details and send the information to their credit union.

Once received, the money is deposited immediately into their account and a confirmation number is sent to them.

"As a credit union committed to having our members' backs, we are excited to be working with Central 1 on this innovative mobile banking app," said Gary Genik, Meridian's Senior Vice President and Chief Information Officer. "With Deposit Anywhere, our members will have the convenience to deposit their cheques on the go, anywhere, anytime - another great feature that expands Meridian's digital banking services."

"Deposit Anywhere enhances our ability to meet the changing needs of our members today and in the future," says Atul Varde, Senior Vice President and Chief Information Officer at Affinity Credit Union. "Mobile banking is growing in popularity with our members and the introduction of our next-generation mobile banking apps with Deposit Anywhere will provide additional solutions to those wanting to access our services easily, quickly and when it is convenient for them."

NCR Corporation is providing the software behind Deposit Anywhere. Led by its development lab in Waterloo, Ontario, NCR's APTRA™ Passport allows financial institutions to capture and consolidate business and consumer cheque deposits made from remote locations - branches, ATMs, businesses, homes or mobile phones - directly into back-office processing. NCR's software provides the backbone for mobile remote deposits at three of the five largest banks in the U.S.

"Mobile remote deposit capture gives members the freedom to access even more banking services on their own terms," said Steve Nogalo, Vice President and General Manager at NCR Corporation. "From the moment the Canadian Payments Association approved remote deposit capture, Central 1 was eager to adopt this technology, and our work with them has been one of our fastest deployments to date - a true testament to Central 1's commitment to making members' everyday lives easier."

Resources

Video: http://youtu.be/-i-gvJtrADI

Product Page: http://www.central1.com/banking-payments/payment-processing-solutions/paymentstream-deposit-anywhere

About Central 1

Central 1 is the central financial facility and trade association for the B.C. and Ontario credit union systems. Central 1 represents a consumer-oriented, full-service retail financial system that serves three million members and holds $86.2 billion in assets and is owned primarily by its member credit unions, 44 in B.C. and 99 in Ontario.

With offices in Vancouver, Mississauga, and Toronto, Central 1 provides a wide range of services such as liquidity management, direct banking, and flexible payment service solutions. For more information, visit www.central1.com.

About Westminster Savings Credit Union

Headquartered in New Westminster, Westminster Savings has assets of more than $2 billion and provides a full range of retail, commercial and financial planning services, plus vehicle and equipment leasing services through its subsidiaries WS Leasing Ltd. and Mercado Capital Corporation. Its 400 employees serve more than 50,000 members from 12 retail branches across Metro Vancouver. It also offers a wide range of online and mobile banking services, access to global ATM networks and extended telephone service through its contact centre located in New Westminster. Visit www.wscu.com.

About Meridian

Meridian is Ontario's largest credit union, serving more than 247,000 Members at 61 branches and eight commercial business centres in communities across south central Ontario. With more than 70 years of banking history, Meridian delivers a full range of financial services, solutions and advice tailored to meet each Member's individual needs, including access to The Exchange® Network with more than 2,400 no-fee ATMs in Canada. Membership in Meridian is open to anyone looking for a financial services provider with a local, community focus that offers a viable alternative to traditional banking options. www.meridiancu.ca.

About Affinity

Affinity Credit Union is among the largest 15 credit unions in Canada with $2.9 billion in managed assets and a network of 49 branches in 41 communities across Saskatchewan. It offers access to a complete range of accounts and services including wealth management products and is a leader in delivering investment and consulting services to First Nations. Affinity Credit Union employs 625 people and is 100% owned by more than 99,000 members, all of whom have a voice in the way they do business. For more information, go to www.affinitycu.ca.

About NCR Corporation

NCR Corporation (NYSE:NCR) is a global technology company leading how the world connects, interacts and transacts with business. NCR's assisted- and self-service solutions and comprehensive support services address the needs of retail, financial, travel, hospitality, gaming, public sector, telecom carrier and equipment organizations in more than 100 countries. Visit www.ncr.com.

Contact Information

  • Central 1 Credit Union
    Art Chamberlain
    Media Relations Manager
    905.282.8534 or 1.800.661.6813 ext. 8534
    achamberlain@central1.com