Morgan Stanley offers wealth management clients mobile cheque deposits
Morgan Stanley Wealth Management has integrated the latest mobile cheque deposit software from NCR into its new Morgan Stanley Mobile App for iPhone, giving wealth management clients a simple method for depositing paper cheques.
Morgan Stanley's new wealth management app features technology from NCR partner Mitek that makes taking a suitable photo of a cheques using a mobile phone camera easier. Mitek MiSnap provides onscreen guidance to clients to help them properly orient the check in the photo frame and then snaps a picture of the cheque automatically.
The checque deposit is then validated and transmitted using the new NCR APTRA Passport for Mobile software, which delivers fast, secure and reliable cheque processing.
"A new breed of consumers expects more from their mobile interaction with their financial institution," says Steve Nogalo, vice president and general manager of payments, NCR Financial Services. "Through APTRA Passport for Mobile, Morgan Stanley is able to give its clients the freedom to deposit cheques in convenient, secure manner."
The use of mobile cheques deposit is growing rapidly. Earlier this year, a Federal Reserve survey showed that 38 per cent of mobile bankers have used their phone to deposit a cheque in the past 12 months, up from 21 per cent in 2012.
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