Cheque-In TM now available on all major platforms including Apple®, BlackBerry®, Android® and Windows®
TORONTO, ON – June 17, 2013 – Banking at ING DIRECT just got more simple and convenient. Beginning today, clients can deposit cheques into their accounts remotely using Cheque-In™, a new feature of the bank’s existing mobile app. Cheque-In allows clients to take a picture of their cheque using their mobile device and have it deposited immediately into their ING DIRECT account. The feature is the first available on all major platforms, including Apple iPhone®, iPad®, iPod®, AndroidTM Phone, AndroidTM Tablet, BlackBerry® Mobile devices with BB10 OS, and tablets running Windows® 8.
“One of our commitments to Canadians is to make banking safe, simple and convenient to fit today’s lifestyles,” said Peter Aceto, president and CEO at ING DIRECT. “With Cheque-In, Canadians can deposit cheques quickly and securely using their smartphones, which are such a central part of our lives. This means we can now deposit a cheque as soon as we receive it, without the hassle of going to a bank branch or ABM, and our money can start earning interest right away. This is a huge step forward for consumers, banks and the payments industry.”
According to the Canadian Payments Association (CPA), Canadian businesses and consumers write close to four million cheques on average every business day. Each cheque is physically handled multiple times as it moves throughout the clearing and settlement system.
“Modernizing Canada’s payments system is a key focus for the Canadian Payments Association,” said Gerry Gaetz, the CPA’s CEO. “We are facilitating the use of image technology to make the cheque clearing process more efficient. Using the CPA’s comprehensive legal and operational framework for imaging, Canadian financial institutions can now develop and offer new image-based products and services, such as remote deposit capture, to their customers,” added Mr. Gaetz.
The U.S. began clearing cheques electronically in 2004. According to the U.S. Federal Reserve, practically all of the 25 billion cheques deposited in the U.S. each year are now cleared electronically. In 2010, electronic collection and presentment of cheques resulted in annual savings of approximately three billion dollars for financial institutions, businesses and consumers in the U.S.
The practicality of remote deposit capture is what makes it so appealing for consumers and banks alike. The technology used by ING DIRECT, developed in Waterloo, Ontario in part by NCR Corporation, meets the needs of banks looking to modernize operations and services, as well as consumers who are looking for choice and flexibility.
“Remote deposit capture is one of those rare opportunities that simultaneously deliver an improved customer experience, increased convenience and productivity improvements to the Canadian economy,” said Steve Nogalo, vice president and general manager of Payments and Multichannel, NCR Corporation. “For ING DIRECT’s clients, Cheque-In is a clear win. They will be able to make their deposits from the comfort of their own home or while on the run. ING DIRECT’s implementation of NCR’s mobile RDC solution is an important step forward for Canadians.”
Charaka Kithulegoda, CIO at ING DIRECT is excited that this technology is finally available for Canadians. “With remote deposit capture, clients can deposit cheques securely and easily, when and where it makes sense for them. It’s a fantastic example of how mobile banking is changing our lives, and it offers a glimpse of what’s on the horizon.”
To use Cheque-In, clients need to log in to the ING DIRECT mobile app on their mobile device and take a picture of both the front and back of their cheque. The client will then select which account (THRiVE ChequingTM or Investment Savings Account) they would like to deposit the funds to, and enter the full amount written on the cheque before confirming the deposit. The funds are immediately deposited into the client’s account, and are subject to the client’s normal hold policy limits.
A recent survey by ING DIRECT found that over half of Canadians (55%) deposit at least one cheque per month to their bank account, either by depositing it in an ABM (71%), bringing it to a branch (41%) or mailing it to their bank (1%). Over a third of Canadians (38%) are open to doing more traditional banking functions using their smartphone; this number jumps to 57% when looking at 18 – 34 year olds exclusively.
™THRIVE Chequing and Cheque-In are trademarks of ING Bank of Canada
™Android is a trademark of Google Inc.
iPhone®, iPad®, iPod® are trademarks of Apple Inc.
BlackBerry® is a trademark of BlackBerry
Windows® is a trademark of Microsoft Corp.
NCR is a trademark of NCR Corporation in the United States and other countries
About ING DIRECT
ING Bank of Canada, operating under the trade name of ING DIRECT, is a wholly owned subsidiary of The Bank of Nova Scotia. ING DIRECT is Canada’s leading direct bank with over 1.8 million Clients and close to $40 billion in total assets. ING DIRECT is a bright way forward in everyday banking for Canadians, offering value added, simple products such as high interest savings accounts, including TFSAs, GICs and RSPs with no fees or service charges, mutual funds, low rates on mortgages and a no-fee, daily chequing account that actually pays interest. ING DIRECT has been operating in Canada since 1997, and has paid nearly $6 billion in interest to Clients. ING DIRECT is open for banking 24 hours a day, 7 days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3473).
ING Bank of Canada and its subsidiaries have been acquired by The Bank of Nova Scotia and are no longer affiliated with ING Groep N.V. The trademarks ING, ING DIRECT, ING Lion, the ING Lion logo and any derivation, variation, translation or adaptation thereof are trademarks of ING Groep N.V. and are used under license.
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About the Survey
On June 19, 2012, an online survey was conducted among 1,000 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 3.1%, 19 times out of 20. The results have been statistically weighted according to the most current education, age, gender and region (and language in Quebec). Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
About the Canadian Payments Association
The reliable, secure and efficient exchange of payments is critical to the economy. The Canadian Payments Association operates national infrastructure essential to the movement of hundreds of billions of dollars across the country each day. We lead our member financial institutions, businesses, government and the public in establishing the rules of the payments highway. The CPA’s current membership comprises virtually all of Canada’s bank and non-bank deposit-taking financial institutions. In 2012, the CPA cleared and settled over 6.5 billion payment items representing $44 trillion in transactions.
About NCR Corporation
NCR Corporation (NYSE: NCR) is the global leader in consumer transaction technologies, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables more than 300 million transactions daily across the retail, financial, travel, hospitality, telecom and technology industries. NCR solutions run the everyday transactions that make your life easier.
NCR is headquartered in Duluth, Georgia with over 26,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries.
Web site: www.ncr.com
For more information or to arrange an interview, contact:
Canadian Payments Association