WAUSAU Financial Systems Signs Three Financial Institutions to Mobile Remote Deposit Capture Offering

Citizens & Northern Bank, NewDominion Bank and Farmers State Bank of Calhan View Mobile RDC A Way To Differentiate Services From Larger Financial Institutions, Improve Customer Service

Sep 22, 2011, 12:18 ET from WAUSAU Financial Systems

MOSINEE, Wis., Sept. 22, 2011 /PRNewswire/ -- WAUSAU Financial Systems, a provider of payment and receivables processing solutions, announced that three financial institutions, Citizens & Northern Bank, NewDominion Bank and Farmers State Bank of Calhan, selected its mobile remote deposit capture (RDC) solution, from its Deposit 24/7 Suite™. WAUSAU's robust RDC suite includes branch, merchant, consumer and mobile capture points, allowing for convenient and secure check depositing from any location.  

Mobile banking continues to gain momentum, as more consumers press for the flexibility it offers.  A recent study from Javelin Strategy & Research found 25 percent of Americans want to use their mobile devices to deposit checks, indicating consumer readiness for mobile remote capture offerings. The same study notes that despite the consumer demand for mobile RDC, only three of the 10 largest financial institutions in America are offering the service(i).

Citizens & Northern Bank selected WAUSAU's mobile RDC solution to further differentiate its services and attract new customers with convenient, secure check deposit from the home, office or on the go via mobile devices. "Our customers have shown they not only respond to, but embrace, technology. Given our rural footprint, we determined that mobile RDC would be a great fit," said Shelley D'Haene, Cash Management Coordinator of Citizens & Northern Bank, an independent bank with 26 branches in Pennsylvania and New York. "Once we made the commitment to deploy mobile RDC, we found WAUSAU as the sole vendor that could provide a solution seemingly tailor-fit to our needs, easy for our customers to use, and with the robust risk monitoring capabilities we desired."

WAUSAU's risk monitoring functionality allows financial institutions and their clients to securely enjoy the benefits of RDC while complying with the Federal Financial Institutions Examination Council (FFIEC) guidelines. The risk monitoring module in conjunction with Deposit 24/7 Mobile™ includes features such as duplicate detection, velocity and dollar limits, as well as image analytics.  With these features, risk management teams can better monitor and control risks associated with mobile RDC.  

NewDominion Bank wanted to ensure it could implement mobile RDC for its customers, while continuing to monitor, mitigate and prevent security threats and maintain regulatory compliance, efficiency and financial performance. "For NewDominion Bank, risk monitoring played a large factor in our selection, and WAUSAU offered us the most comprehensive reporting and monitoring tools, easing our insecurities around mobile," said Tracey McLean, director of sales, marketing and retail operations for NewDominion Bank, a community bank headquartered in Charlotte, N.C.  "WAUSAU's understanding of FFIEC standards and proven track record of ensuring compliance make it and its mobile RDC solution truly stand out."

WAUSAU's mobile RDC solution allows customers to integrate with their mobile banking platforms, initiate mobile-deposit sessions and deposit checks remotely with a smart phone, while automatically correcting distortions and providing instant and thorough communication with the bank.  Further, it provides the financial institution a competitive advantage, expanding its services beyond each branch's four walls.  

"As more and more financial institutions build branches in our market, our mobile RDC offering will help us retain customers who otherwise may have considered an institution closer in proximity to their home," said Randy Pieper, CEO for Farmers State Bank of Calhan, a three-branch institution servicing the Eastern Colorado area since 1916. "Essentially, with WAUSAU's solution we have eliminated the need for a branch on every corner, because now there's one on every cell phone.  We see this appealing to our existing client base, which includes many area businesses where checks are the primary currency, as well as the upcoming generations of customers."

"The market for mobile RDC technology continues to grow, and small financial institutions are leading the charge as first adopters to differentiate their services from larger competitors in their markets.  We're excited to partner with the likes of Citizens & Northern Bank, NewDominion Bank and Farmers State Bank of Calhan, and deliver a mobile RDC solution that helps expand service beyond a physical branch, without sacrificing security or efficiency," said Sam Golbach, vice president of product management for WAUSAU Financial Systems.

WAUSAU is currently expanding its Deposit 24/7 Suite to provide the small and mid-tier business markets a receivables hub that accepts checks and electronic payments via Automated Clearing House (ACH) and credit card. WAUSAU plans to add the ACH functionality to its merchant application this fall and credit card capabilities by early 2012.

For more information on WAUSAU's Deposit 24/7 Suite and Mobile RDC offering, please visit www.wausaufs.com.

About WAUSAU Financial Systems

WAUSAU Financial Systems is a premier provider of payment and receivables processing solutions, helping businesses of all types move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU holds the No. 1 market share position in retail and wholesale remittance processing solutions. WAUSAU processes more than $1 trillion in payments each year through its work with more than 650 organizations, and maintains more than 30 percent of all U.S. lockbox volume. The company works with 13 of the 25 largest financial institutions, 42 percent of insurance companies with more than 5 million customers and 24 percent of utilities with more than 100,000 customers. More than 200 financial institutions use WAUSAU's remote deposit capture service, and industry consultants Celent and Aite have ranked WAUSAU's remote capture functionality above all competitors. For more information, visit www.wausaufs.com.

About Citizens & Northern Bank

Citizens & Northern Bank, with $1.3 billion in assets, is a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Cameron, Potter, McKean, Tioga, Bradford, Sullivan and Lycoming counties in Pennsylvania and in Canisteo and Hornell, NY in Steuben County. C&N can be found on the worldwide web at www.cnbankpa.com. The Company's stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

About NewDominion Bank

NewDominion Bank is a community bank headquartered in Charlotte, North Carolina focused on building trusted relationships to provide financial services accompanied by technology driven tools to give customers a competitive edge.  NewDominion Bank has locations in Charlotte, Mooresville and Chapel Hill North Carolina and a full service website at www.newdominiondirect.com.  

About Farmers State Bank of Calhan

Farmers State Bank is a $180 million family-owned community bank with three locations in El Paso County, Colorado.  The Pieper family has deep roots in banking and strives to keep its independent family-owned and operated bank focused on providing excellent service and assisting the area to grow and prosper.

(i) "2011 Mobile Remote Deposit Capture: Creating a Compelling Business Case for Mobile Servicing." Pleasanton, CA:  Javelin Strategy & Research; May 24, 2011. Accessed September 15, 2011.

SOURCE WAUSAU Financial Systems