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Three credit unions select CheckAlt, iParse, CU Wireless for mobile deposit

FAA Federal Credit Union, the University of Nebraska Federal Credit Union and Valley Credit Union are to offer a remote check deposit service from technology partners CU Wireless, CheckAlt and iParse.

Salem, Ore.-based CU Wireless is a credit union-owned CUSO (credit union service organization) that partners with technology providers to offer mobile services to credit unions throughout the U.S.

Los Angeles-based CheckAlt is a Check21 application company that provides remote deposit capture, eCheck services and mobile payments to banks, credit unions, check cashing companies, money service businesses, insurance companies, municipalities, utilities and small and medium-sized enterprises.

Beaverton, Ore.-based iParse offers technology for capturing, analyzing and converting check images on mobile handsets.

The three technology partners work together to deliver mobile deposit capture services to their clients. Once the check image is captured by iParse, CU Wireless uses image recognition technology to review and approve the image for deposit with the Federal Reserve. Next, CheckAlt connects with the financial institutions to process the checks with the Federal Reserve. Credit union members are notified by email when the funds have been deposited in their accounts.

"Coming off a strong fourth quarter in 2013, we are very excited about CheckAlt, iParse and CU Wireless gaining further momentum together in the credit union industry," Shai Stern, CheckAlt's CEO, said in a news release. "Adding these three credit unions to our client network demonstrates our continued ability to provide best of breed mobile deposit solutions to credit unions."

CheckAlt said it provides services to 250 financial institutions.

The Credit Union Times quoted Stern as saying 15 credit unions are using the partnership between CheckAlt, CU Wireless and iParse to provide mobile check deposits to members.

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