Chase Quick Deposit
25 July 2010 (Updated 20 Aug)
Chase has a stellar eCommerce and mobile team in both their retail and cards organization, and they are poised to deliver tremendous payment innovation across both of these business units. This innovation has been “in the works” over the last few years, and Jack Stephenson (PayPal’s former head of strategy) is fortunate to have joined at a time where both the payment platform and team is gaining traction. This month the JPM retail team has delivered new capability in its iPhone versions of QuickPay and Quick Deposit products.
QuickPay Overview:
QuickPay is a JPM’s money movement “pay anyone” service that provides registration for both Chase and non Chase customers. Chase was very late to the money movement game, rolling out its first QuickPay service in 2008 (whereas Bank of America and Citi have been providing this since 2002 through CashEdge). From a strategy and organizational perspective, JPM is well known for their “preference” to develop applications internally. It may have taken some time for JPM to complete the QuickPay internal build, but in the current release it has surpassed the domestic capability (and usability) of all other banks. JPM is now the leader in retail online payments.
Non-Chase customers can register for QuickPay before or after receiving funds. For non customers, registration for QuickPay is similar to PayPal (or CashEdge’s PopMoney), with the QuickPay wallet currently constrained to single linked checking account. Chase customers have a streamlined enrollment process and the QuickPay functionality is integrated into their existing online experience (demo above). This differs substantially from BAC, where the same capability to transfer funds exists but the usability is very poor. BAC is missing a substantial opportunity to capture beneficiary phone/e-mail information, an unnecessary miss since the capability exists (BAC is Cashedge’s largest US customer but has not yet signed on with CashEdge’s mobile POP money service). Beneficiary information is critical to maintaining an accurate directory.. the key element in any payment system. Chase’s QuickPay maintains e-mail, phone and other information which gives it a head start in the directory battle (subject of future blog). Given Chase Paymentech’s role in acquisition (for card, paypal, …) you can see potential for further directory synergies internally.
Quick Deposit
With Chase QuickDeposit Scanner, our remote deposit solution, you can scan your paper checks and send the scanned images to Chase for deposit into your checking account. Here’s how: Sign in to your account; Choose 'Collect & deposit', then choose 'Deposit Checks' Enter deposit details, then load check(s) into the scanner. In the Chase Mobile ® app, choose “Deposit Checks” in the navigation menu and select the account. Enter the amount of the check and tap 'Front'. With our 'Auto Capture' feature, the picture of the front and back of the endorsed check will be captured — or you can choose to take the pictures manually. Bank from almost anywhere with the Chase Mobile® app. Manage your accounts, pay bills, pay people, deposit checks, transfer money, all safely and securely with your device. Whether you’re on the go or curled up on the couch, day or night, with the Chase Mobile app, you’re in control of your accounts.
The articles above provide a great overview of the new iPhone App, with Chase following in the footsteps of USAA’s Deposit@Mobile. Application is from Mitek Systems and it is just super, and for small merchants this may become the payment method of choice (when compared to card):
Merchant benefits:
- No transaction costs (savings of 150-350bps)
- Usability and simplified enrollment
- Same day availability of funds
- Fits existing consumer behavior pattern (checks)
- Legal protections/enforceability (paper checks vs. electronic signature)
- Instant verification, risk and fraud management
- Leverages bank imaging systems and processes (regulatory and consumer receipt)
- Notification/receipt to consumers
JPM Business Case
- Check imaging (op expense)
- Small business acquisition (Customer Net Revenue for SME = $3-$5k)
- NRFF for non-customers (NIM on settlement funds held)
- Future “directory” business case, cards growth
- Prevention of DDA Account Number Breach
The JPM Quick Deposit application was reportedly built in-house, other Vendors such as EasCorp’s Depozip provide similar functionality. As for the success of this application, NetBanker reported USAA’s recent numbers for Deposit@Mobile. (update 20 Aug, my friends at BAC tell me that they have been trialing the Mitek application for almost 3 years now, fine tuning the app and the support process and are set for launch any day) .
Given that the audience for this blog (investors, start ups and innovators), you might ask why it takes 2 years for a bank to roll out this type of innovation. An excellent question! The iPhone app itself is the easy part, perhaps consisting of less then 20% of the overall budget. The “hard work” is in integrating it into existing systems and risk controls. For example, the primary value proposition, for QuickDeposit, is improving check acceptance and funds availability. At the teller line, banks have tools like DepositChek which allows the bank to determine if information on the check is correct and the account is in good standing (stopping check fraud before the check image gets into the system). These same tools must be integrated into the online and mobile process to reduce risk. I’ve picked this particular example because it is a tool unique to bank entities (not available to non-banks). In addition to the technical integration costs, banks have become very prudent in testing, and accessing impact of new functionality to call center support costs. Given the wide availability of both of these applications, it is essential that they are intuitive to JPM customers.
Chase Quick Deposit Review
These applications are a great retail success. I understand that the JPM cards team is also poised for a major release in mobile soon (with multiple alliance partners). Well done JPM!
Enroll for QuickPay – www.chase.com/QuickPay
Overview of Quick Deposit – www.chase.com/quickdeposit
Thoughts appreciated
Please turn on JavaScript in your browser
It appears your web browser is not using JavaScript. Without it, some pages won't work properly. Please adjust the settings in your browser to make sure JavaScript is turned on.
Chase QuickDeposit℠
Deposit checks with the Chase Mobile® app.
- Overview
- Getting started
- FAQs
- Resources
Use Chase QuickDeposit℠ on the Chase Mobile® app to deposit your checks and access your funds quickly.
Save a trip to the branch and deposit checks on your schedule, virtually anytime and anywhere.
Deposit checks securely from your mobile phone or tablet. We protect your information and never store your passwords or check deposit data and images on your mobile device.
How to get started
Chase Quick Deposit Error
Watch how it works with this helpful how-to video.
Choose 'Deposit checks' in the navigation menu of your Chase Mobile® app and choose the account.
Enter the check amount and tap 'Front'. With our new 'Auto Capture' feature, the picture of the front and back of the endorsed check will be captured — or you can choose to take the pictures manually.
Confirm the details, submit and you're done.
Common questions answered
How does Chase QuickDeposit℠ work?
expandChase Quick Deposit Scanner Troubleshooting
In the Chase Mobile® app, choose “Deposit Checks” in the navigation menu and select the account. Enter the amount of the check and tap 'Front'. With our 'Auto Capture' feature, the picture of the front and back of the endorsed check will be captured — or you can choose to take the pictures manually. Verify your information and submit your deposit. After you submit, you can deposit another check or view the receipt. You’ll get an email when your deposit is received — and another when it’s accepted. If the deposit is rejected, you’ll also get an emailed explanation. Remember to properly endorse the back of the check with your signature and 'For electronic deposit only at Chase.'
When will my funds be available?
expandDeposits submitted before 11 PM Eastern time on a business day generally will be available by the next business day. Deposits submitted after 11 PM or on a non-business day will be processed the next business day. However, we may delay availability if we require further review of the deposit. Any information about delayed availability will be provided in the Secure Message Center, which is accessible in the main navigation menu.
What should I do with my check(s) after I’ve deposited it?
expandAfter you complete your transaction, write “deposited” and the date of deposit on the face of the check. Please retain the marked check for two business days or until you receive our notification that your QuickDeposit has been accepted. After that time, you may destroy it.
Have more questions?
24/7 access to deposit funds
- Chase QuickDeposit℠ — Securely deposit checks from almost anywhere.
- Chase ATMs — Conveniently deposit up to 30 checks and cash at most ATMs.
- Direct deposit — Automatically deposit paychecks.
Pay bills quickly & conveniently
- Online Bill Pay — Pay rent, mortgage, utilities, credit cards, auto and other bills.
- Chase QuickPay® with Zelle® — Send and receive money from almost anyone with just a mobile number or email address.
Helpful technology that saves you time and keeps you in the know
- Paperless statements — Digitally access up to 7 years of statements.
- Account alerts — Monitor finances, avoid overdrafts and more.
- Chase text banking — Check balances and transaction history with a text.