Monday, August 10, 2009

iPhone app for check deposits:

USAA, a privately held bank and insurance company, plans to update its iPhone application this week to introduce the check deposit feature, which requires a customer to photograph both sides of the check with the phone's camera.

"We're essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would," said Wayne Peacock, a USAA executive vice president.

The image processing technology used by the banking app is essentially the same as the one demonstrated by Ray Kurzweil, but the business model of the former looks a lot stronger.

In any case, both applications live in the niche created by the transition from analog (paper) to digital (electronic transfer). They will go away as soon as the transition is complete.

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