PLANO Texas–Catalyst Corporate Federal Credit Union said its mobile remote deposit capture solution has been selected for inclusion in Constellation Digital Partners first round of certified services for its cloud-based fintech marketplace for credit unions. Catalyst Corporate is one of seven development partners to get the nod for creation of services on the Constellation platform, the company.
As CUToday.info has reported, Constellationis a CUSO originally launched by Coastal FCU and other CUs in May 2017 that has raised more capital than any other CUSO in history, with more than $29 million raised so far. It is offering an open digital banking platform for credit unions. Developers add services – apps for chatbots, loan payment estimators, and mortgage valuation management, for example – into the platform through a cloud-based marketplace-style interface. Credit unions then can pick-and-choose the services they wish to offer their members from the platform. Catalyst Corporate entered into a strategic partnership with Constellation in June 2018.
‘Pleased to be First’
“Catalyst Corporate is pleased to be the first service provider to bring the much-needed mobile capture offering to market through Constellation,” said Diana Hennel, chief technology officer at Catalyst Corporate. “Known as ‘Catalyst Capture,’ the tile available from Constellation will enable credit union members to deposit checks using the camera on their mobile device, while leveraging Catalyst Corporate’s proven TranzCapture back-end processing.”
Among the features of the Catalyst Capture tile are real-time detection of duplicate items, real-time Early Warning Deposit Chek fraud protection, an exception item review queue to help credit unions mitigate risk, and MICR correction performed by Catalyst Corporate staff, the company said. Future versions of the tile will integrate with Mitek MiSnap technology to deliver premier-quality check photos, it added.
“The mobile capture tile lays the groundwork for additional tiles Catalyst Corporate is looking to build in the future,” Hennel said. “We expect this platform to evolve and intend to integrate additional functionality based on credit union feedback.”
Next Generation
According to Catalyst Corporate, mobile capture is a hallmark of its next generation TranzCapture remote deposit service suite, which also includes branch, teller, ATM/ITM/intelligent kiosk and business capture applications.
“We opened our Developer Portal just six months ago and since then our innovative development partners have been using the platform to create these practical, yet needed services and this is just the beginning,” said Constellation Founder and CEO Kristopher Kovacs. “There are currently more than 40 additional services in the pipeline." We know our credit union investors and their members will be excited to have some of these new features available in their credit union apps soon.”
Constellation said it plans to showcase the first-round services at their Launch 2019 conference in June.