Mobile Remote Deposit Capture (mRDC) is the New Scanner

Written by Tony DiDomenico for Retail Minded. 

Mobile Remote Deposit Capture (mRDC) is rapidly becoming the preferred deposit method for a growing number of bank customers. mRDC is expected to to account for one third of retail bank deposits by the end of 2015 and half of retail bank deposits by 2016 according to a new Celent report, State of Remote Deposit Capture 2015: Mobile Is the New Scanner.

Mobile RDC is where all of the growth and action is. mRDC is fast becoming a mature market in the US, with more than half of mobile banking users enjoying the benefits of mRDC, demand is now growing among small business and commercial users.

Bob Meara, a senior analyst with Celent’s banking practice and author of the report says, “Mobile RDC is becoming the new scanner for small business and commercial clients.”

In addition, the report outlines a number of other key trends around mRDC that are rapidly developing.

Multiple-image capture is the new black.

“This development will spawn a renaissance in small business mRDC which was previously hampered by complexity, high product cost and resulting pricing,” Celent said. “Mobile is the new scanner. Reflecting both the explosion in preference for all things mobile as well as the extraordinary convenience of mobile RDC, mobile check image capture users now outnumber those using specialized desktop devices by more than 40 to one, despite the roughly 10-year head start enjoyed by desktop applications.”

Risk and compliance fears are settling.

They once dominated the agenda, but because RDC-related losses are at or below established thresholds, “a significant and growing number of banks are actually behaving as if they want customers to deposit digitally,” the report said.

Product launches are exploding. 

Carefully controlled pilots have given way to now-available products and special focus on new sectors, Celent found. Today it is largely a consumer and small business product, but many vendors launched commercial mobile RDC solutions in the past six months, it said.

This is where checXchange Mobile™ fits in. checXchange Mobile™ is a one of a kind, first to market application of mRDC for dealing with the capture, re-presentment and recovery of returned, NSF checks. The App allows users to securely scan and send bounced NSF checks which they receive, so that they can be electronically re-presented on their behalf. Using a proprietary, strategic process checXchange Mobile™ consistently achieves an industry leading 75.6% recovery rate on these items.  100% of all of the recovered funds are directly to the user at the end of each week and most all recoveries occur within a 7 to 14 day window. In addition, comprehensive “real-time” reporting is available 24-7 on all submissions for each user.

If a business accepts paper checks as a form of payment and receives even one returned NSF check, it is worth their time to download and use this App. checXchange Mobile™ will not only will replace their own NSF check collection efforts at no cost, but also increase their cash flow and profitability in the process, by increasing the recovery success rate by 3 to 5 times over in-house efforts. Enrollment and set-up are fast and simple on any Apple or Android device.

In short, with all of the positives happening in the mRDC universe, checXchange Mobile™ provides one of the most unique and extraordinary applications of this technology to date. More can be discovered about this unique and innovative technology at

Contributed and written by Tony DiDomenico. DiDomenico is the VP of Sales & Marketing at Money Transfer Systems, Inc., an industry leader in Check Re-presentment and Recovery. He has over 25 years of Sales, Marketing and Management experience with a strong focus on technology. You can find him on LinkedIn.

Photo Credit: Provided by with permission to use. 

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