Paper checks are far from disappearing in business payments, but a new solution from U.S. Bank will add a digital, mobile twist to the paper payment tool.
In an announcement made Thursday (March 24), the bank revealed the rollout of its Deposit Express mobile app, geared specifically for small businesses and employees collecting paper checks while out in the field.
The solution enables mobile image capture and check deposit via smartphone, a move the FI said aims to prevent business owners from taking time to visit brick-and-mortar bank branches.
“Using Deposit Express, customers can streamline their check deposit process, eliminating delays associated with trips to the branch or their office,” said U.S. Bank Head of Receivables Solutions for Treasury Management Sam Robb in a statement. “Deposit Express is specifically tailored to meet the needs of small businesses. It offers robust reporting and research capabilities, as well as integration of mobile and Web deposit channels.”
The bank noted that the solution is ideal for small businesses that deposit fewer than 200 checks every month. Users take a picture of the check from within the U.S. Bank mobile app to allow deposit of the funds into their accounts.
This isn’t the first solution geared towards SMEs that U.S. Bank has rolled out this year.
In January, the FI announced support of all of its card solutions — including commercial cards — for Apple Pay. Just weeks later, the bank revealed a partnership with MasterCard, which links small business customers of U.S. Bank into the MasterCard Business Network, an online portal of resources for cash management and other business management solutions.
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