Fidelity Investments is making mobile check deposit technology available for registered investment advisors, broker-dealers and family offices.
The technology allows financial advisors and family office professionals to take a picture of a check using a smartphone or tablet and securely deposit the funds directly into their clients’ brokerage account, the company announced today.
The technology is built into Fidelity’s existing app for “smart” devices, including the iPhone, the iPad, and Androids. The company says that to date there have been 22,000 downloads of Fidelity Institutional’s mobile applications, representing 42 percent of users on Fidelity’s clearing and custody platforms. Since the ability for consumers to deposit checks via mobile apps was introduced in 2011, individual investors have been depositing nearly $2.5 million dollars a day using the mobile app.
Remote check deposit is now also available to Fidelity Institutional Wealth Services clients, enabling them to use a Fidelity-approved desktop scanner to deposit client checks directly into their brokerage accounts.