Payment technology

Fidelity Investments introduces mobile check deposit for investors, broker-dealers

Fidelity InvestmentsFidelity Investments announced on Tuesday that registered investment advisors, broker-dealers and family office clients now have access to mobile check deposit.

Clients using the technology will have the ability to take a picture of a check using a smartphone or tablet camera and secure deposit the funds directly into a brokerage account.

A study conducted by Kasina found that nearly 77 percent of advisors use at least one mobile device for business. Forty-two percent of users downloaded Fidelity’s mobile applications.

“This new mobile offering illustrates our commitment to anticipating technology shifts and helping our clients leverage new innovations effectively,” Edward O’Brien, the senior vice president and head of platform technology at Fidelity Institutional, said. “Mobile check deposit—a wildly popular consumer app—was a ‘given’ to adapt for our ‘anywhere advisors’ and family office professionals, allowing them to spend less time processing checks and more time engaging with their clients.”

Fidelity’s early investment in mobile technologies has helped the firm adapt its mobile check deposit offering for investors and broker-dealers. Since 2011, investors have deposited nearly $2.5 million a day using the mobile app.

Remote check deposit is also available to Fidelity Institutional Wealth Services clients, who can use a Fidelity-approved desktop scanner to deposit client checks directly to brokerage accounts. Since 2010, National Financial broker-dealers have deposited over $27 billion in checks scanned from desktops.

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