Banking on the go is about to get a little easier.
Westminster Savings has become the first financial institution in Canada to roll out a service that lets its clients deposit cheques to their accounts using their smartphones or other mobile devices.
While ING Direct Canada is pilot testing mobile phone cheque deposits and other Canadian banks are expected to offer similar services soon, Westminster Savings’ April 17 launch marks the first time such a service will be offered to all customers of a Canadian financial institution.
The new service, dubbed “Deposit Anywhere,” will be included with Westminster Savings’ mobile banking app downloadable through Apple’s app store, making it available for customers who have an iPhone, iPad or iPod touch.
While consumers in the United States have been able to deposit cheques via their mobile devices for a number of years, it has only been made possible in Canada with changes made last year by the Canadian Payments Association, the not-for-profit organization that operates and maintains the system of clearing and settlement of payments for Canada’s financial institutions.
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