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Commerce Teams with BanServ

Commerce Bancorp teams up with San Francisco-based BanServ.Cherry Hill’s Commerce Bancorp (NYSE: CBH) has teamed with San Francisco-based BanServ to offer Remote Deposit Image Capture services to Commerce business customers. Commerce chose to put its own label on BankServ”s DepositNow! Check 21 and Account Receivable Conversion (ARC) technology, branding it “RapidDeposit.” The system converts paper checks into legally compliant digital images that can be viewed on-screen; automatically verified against previous check scans and data entry; and encrypted and stored.

“A business depositing 30 checks at the branch over a week typically spends five hours to do so,” said Michael Jewart, director of product management and development for Commerce Bank Cash Management. “With RapidDeposit, what took hours, now takes minutes.” The company says it also plans to introduce a version of BankServ”s DepositNow! for QuickBooks later this summer. Commerce shares shed 3 cents to 33.81 this morning.
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