mFoundry Launches mDeposit Express Convertible Mobile Deposit Solution

SAN FRANCISCO, Feb. 1, 2011 /PRNewswire/ -- mFoundry, the leading provider of mobile banking solutions in the U.S., today announced it has launched mDeposit Express, a standalone mobile deposit capture solution that banks and credit unions can use to provide customers with an immediate mobile deposit solution, regardless of their current mobile banking platform.

In an industry first, mDeposit Express can be converted on the fly into a complete, multi-mode mobile banking solution with a direct host system or home banking integration without any disruption to the mobile deposit service.

"More than 275 financial institutions currently use mFoundry for mobile banking," said Drew Sievers, co-founder and CEO of mFoundry. "There are many more financial institutions out there that just need mobile deposit capture today, or may be locked into a mobile banking solution that doesn't support mobile capture. With our new offering, they can deploy mobile capture today, with the option to seamlessly upgrade to mFoundry's full mobile banking product in the future."

mDeposit Express is available to all banks and credit unions immediately, and can be implemented in 30 days or less. Any financial institution can capitalize on the hottest trend in banking today, providing customers with the ability to make deposits using a compatible mobile device.

"There is no question that mobile capture is the 2011 'must-have' feature for mobile banking," said Bob Egan, Foundry & Chief Analyst at Sepharim Group. "We expect that many banks and credit unions will deploy a standalone mobile capture solution as a stop-gap solution for their customers, while they figure out their mobile banking and payments strategy.  Institutions doing this, however, run the risk of having to market and service two technologies if they haven't got a clear path to integrated mobile banking."

mFoundry is able to offer the standalone, yet convertible, mobile remote deposit capture solution because of its adaptable product architecture. A scalable, hosted software platform combined with leading-edge mobile application technology, provides the most flexible foundation for deploying this type of convertible mobile deposit product.

mDeposit Express is now available for deployment. For more information, please click here to contact us.

About mFoundry

mFoundry's mBanking is the most-deployed mobile banking solution in U.S., used by nearly 300 financial institutions. mFoundry is the only mobile banking provider with a live, nationwide mobile payments solution. Its mPayments offering powers Starbucks Card Mobile across 7,500 company-owned stores nationwide – considered the most-successful mobile payments program in the U.S. at this time.

mFoundry has the most extensive partner network, which includes FIS Global (including Metavante, Fidelity National Information Systems, and eFunds), First Data Corporation, NCR, the CO-OP Financial Services, and PSCU Financial Services. These partnerships often enable mFoundry to deploy mobile banking solutions in as little as 60-90 days.

mFoundry is based in the San Francisco Bay area and is frequently recognized for its technological and business achievements, most recently named "Entrepreneurial Company of the Year 2010, Mobile Banking" by Frost & Sullivan, one of "10 Emerging Wireless Players to Watch" by IDC, winner of Celent's prestigious "XCelent Award for Advanced Technology 2010," and the top "Tech Company to Watch" and a three-time top "Innovator" by Bank Technology News.

For more information on mFoundry, please visit www.mfoundry.com.

SOURCE mFoundry