CINCINNATI and EDISON, N.J., March 8, 2011 /PRNewswire/ -- Fifth Third Processing Solutions, a premier payment solutions provider, will soon offer mobile check deposit capabilities to its customers through an agreement with 3i Infotech, a prominent global information technology company. The initiative will begin with a pilot program involving Town and County Bank, based in Salem, Missouri. Town and County Bank's customers will be able to deposit paper checks anytime, anywhere by taking photos of them via their smartphones and submitting them through a secure electronic application provided by 3i Infotech.
This new technology known as 3i Infotech eCapture mobile check deposit is being used by banks in the mid Atlantic and offers a superior user experience. Fifth Third Processing Solutions recognizes the intense customer demand for this service and is leading the way with this cutting edge solution for financial institutions of all sizes.
"Fifth Third Processing Solutions is a progressive payments processor, and we are pleased to partner with them as they introduce eCapture mobile check deposit solutions to their customers," said Jim McShea, Chief Revenue Officer, 3i Infotech, North America. "This technology will enable Fifth Third Processing Solutions financial institutions to deploy on-demand mobile check deposit technology rapidly and at a low cost, enabling them to achieve significant return on investment while providing an entirely new level of convenience to customers."
Fifth Third Processing Solutions and 3i Infotech will deliver the eCapture mobile check deposit solution to Fifth Third Processing Solutions' customers via a software-as-a-service (SaaS) model. 3i Infotech provides the application, updates core banking systems and validates check images for Check 21 compliance using Mitek Systems' (OTC: MITK.OB) industry-standard mobile IMagePROVE™ technology. Fifth Third Processing Solutions will integrate with its processing systems and thereby allow customers to get up and running quickly with minimal financial and technology investment. Business rules, such as exception management and fraud monitoring, can easily be customized by the customer. The hosted solution will benefit from both Fifth Third Processing Solutions and 3i Infotech's extensive global payment processing networks.
"Mobile check deposit is all about customer convenience and service and we are excited to add this significant capability to our mobile banking suite that we offer our financial institution partners," said Royal Cole, President, Financial Institution Services, Fifth Third Processing Solutions. "It doesn't get much more convenient than this. Customers of our processing financial institutions will be able to use their smartphones to deposit checks 24/7, whether they're at home, at the office, or on the road."
The eCapture mobile check deposit offering will provide a safe and secure image capture and deposit experience for Fifth Third Processing Solutions financial institutions and their customers. eCapture's review queue functions provide financial institutions with an enhanced level of security, along with a complete audit trail of where, when and how each check was captured will be logged in the system. All data is 128-bit encrypted and is designed not to store data or images on the smartphone, thus allowing protection of the customer and the transaction.
"This technology will give our checking customers a new level of convenience," said Carl Eichenberger, Chief Operating Officer with Town & Country Bank. "When Fifth Third Processing Solutions invited our bank to join them for this innovative project, we knew it was a great opportunity. Initially, Town & Country Bank will pilot the program to a preselected customer base in each of our locations."
"We fully anticipate that our customers will overwhelmingly embrace this technology. Our next step is to make it available to all of our customers," Eichenberger added. "Community banks have always been strong in the area of providing personal service. It's exciting when a locally-owned bank can also provide cutting-edge technology for its customers."
About 3i Infotech
3i Infotech (www.3i-infotech.com) is a global information technology company which provides technology solutions to customers in more than 50 countries across five continents. The company provides IT services and business process outsourcing (BPO) to markets such as banking, financial services, insurance, government, manufacturing, retail, telecom, education, healthcare and utilities. 3i Infotech is a member of the FinTech 100 and the WorldBlu List of Most Democratic Workplaces.
About Fifth Third Processing Solutions
Fifth Third Processing Solutions, LLC delivers innovative payment transaction processing and acceptance solutions to create and support complex payment strategies for merchants, businesses, and financial institutions around the world. A pioneer in card payment acceptance in the early 1970s, Fifth Third Processing Solutions is headquartered in Cincinnati, Ohio, and is a joint venture with Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).
As a premier full service payment solutions provider, the Company provides servicing solutions and product engineering for financial institutions' and retailers' credit card, debit card, merchant and private label programs, processing over 11.4 billion ATM and point of sale transactions and over $378 billion in debit and credit card sales volume annually. Its subsidiary, NPC, is the largest provider of payment processing services exclusively focused on the small-to-medium merchant processing market. The Company supports over 408,000 merchant and financial institution locations and 11,000 ATMs in 44 states and 8 countries. According to the Nilson Report (March 2010), the Company is the third largest U.S. merchant transaction acquirer. Learn more at www.FTPSLLC.com.
About Town & Country Bank
Town & Country Bank is a community bank that has grown to be one of the largest in South Central and Eastern Missouri. With a charter that dates back to 1894, Town & Country Bank has 11 locations and each is dedicated to offering a full range of financial products and services. Town & Country Bank's main facility is located in Salem, Missouri. The bank has 10 additional locations in the state including an additional branch in Salem, two banks in Rolla, two banks in Ava, and banks in Licking, St. James, Mountain Grove, Bourbon and Pevely. Town & Country Bank's total assets size is currently at $500 million. For more information about Town & Country Bank, visit the on-line bank at www.tcbanks.com.
SOURCE Fifth Third Processing Solutions