PayPal is blogging that $100,000 worth of checks have been processed in the first 36 hours by the "Add Money from Checks" capability inside the new PayPal mobile app. In related news, BankServe has announced that its mobile capture technology behind the service.

BankServ has announced a Remote Deposit Capture (RDC) product that combines the ability to deposit checks from the home computer with the ability to deposit checks from an iPhone and other mobile devices. With this solution, banks can now provide their customers the flexibility of depositing checks using a desktop scanner, flatbed scanner, iPhone or other leading mobile device.

BankServ and NetDeposit recently announced the signing of a definitive agreement wherein BankServ will acquire substantially all of the assets of NetDeposit, a wholly owned subsidiary of Zions Bancorporation. With this acquisition, the combined operation will be the largest privately held, bank-independent processor of remote deposit capture transactions in the U.S.

BankServ has announced that its DepositNow remote deposit service has added the capability for small businesses to be paid directly from emailed invoices. READ MORE »

BankServ has announced that Lending Club's collaborative person-to-person (P2P) lending platform is built upon BankServ's Magex Payment Platform, ACH reporting and cash management solutions.

BankServ has announced that it has applied to become a member of the SWIFT banking network, making the San Francisco-based financial technology firm the first accredited SWIFT Service Bureau to join the network as a corporate member. The company plans to become an active corporate member of SWIFT by January 2007. [Editor's note: One wonders when one of the card associations might open up membership to non-bank corporations - as SWIFT is apparently doing here?]

BankServ has announced that, as part of its strategy to enter the growing field of electronic person-to-person payments, it has acquired Magex Managed Payments Platform, a division of financial technology developer Magex Holdings Ltd. The Magex Managed Payments Platform division is the producer of P2P systems that let consumers exchange money over the Internet or using their mobile phones.

Last month, Inc. Magazine profiled San Francisco-based BankServ, telling the inside story of a corporate restructuring the company's CEO Dave Kvederis decided was required in early 2005.

PNC Bank has announced a new online deposit service designed for small businesses that will allow them to initiate the electronic deposit of received checks directly into their bank account with automatically updated accounting records via BankServ's Deposit Now! A/R, a new remote deposit product linked to Intuit’s QuickBooks.

A new payments consortium called PASS (Payments As a Secure Service) announced its formation at the Microsoft Developers Conference. The consortium, which is led by IP Commerce, intends to exploit new features in Windows Vista, including the operating system's enhanced security and discovery features.

Currently, small businesses interface with credit card companies and financial services firms in the financial ecosystem through highly proprietary relationships based on one-to-one technology connections. PASS redefines this relationship by enabling Independent Software Vendors, System Integrators and Value-Added Resellers to create service-oriented financial management solutions in software applications fulfilled by best-in-class providers through a single service provisioning system.

BankServ has announced DepositNow! A/R for QuickBooks - "a new system that lets QuickBooks users deposit checks to their bank accounts electronically from their offices and automatically update their accounting records at the same time. It is the first commercially available remote deposit product that is integrated with Intuit's QuickBooks software, which is currently in use by more than 3 million small businesses in North America."

BankServ has announced that it has won approval from SWIFT to be the first US-based financial services company capable of handling both domestic US payments and international money transfers in a single automated service bureau process. READ MORE »