B2B Payments

Ariba Network Adds Mobile Check Deposit Support

Shutterstock

Mobile capture firm Mitek is now supporting mobile check deposit for B2B clients using the Ariba Network.

Reports Monday (March 20) said Mitek’s mobile check capture and identify verification software now integrates into the Ariba Network, allowing companies to use the technology to deposit checks using their mobile device. The solution will use Mitek’s MiSnap Multi-Check Capture and Mobile Deposit applications, the firm said.

“While electronic payments continue to take hold in the business world, checks remain a primary form of payment,” said SAP Ariba SVP Business Development & Strategy Joseph Fox in a statement. “Our intention is to bring Mitek’s mobile deposit capabilities to the Ariba Network, which is designed to make depositing check payments easier while driving more efficient reconciliation processes for our customers around the world.”

In another statement, Bob Meara, senior analyst, banking practice at Celent, said B2B payments continue to be dominated by paper checks but need technologies to reduce some of the friction associated with the payment tool.

“A business-specific mobile deposit solution allows organizations to use their preferred payment method,” he stated. “Businesses will benefit through improved cash flow from more convenient check processing while avoiding the cost and fees associated with check scanners.”

A recent report from the Association for Financial Professionals found that check use in B2B payments actually increased by about 1 percent in 2015 compared with levels seen in 2013.

——————————

New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

Click to comment

TRENDING RIGHT NOW