MagTek launches dual-sided scanner for remote deposit capture

18 Nov 2008

SEAL BEACH, Calif. â€” MagTek Inc., a global provider of electronic payment technology, today announced the MDX. It offers a compact check reader with a dual-sided scanner and a secure MagneSafe reader all in one sleek design.

Remote deposit allows companies to instantly and securely process checks without ever having to go to the branch, saving businesses time and money. It allows financial institutions to offer their services to companies even where they don't have branches, extending their customer base without incurring the cost of additional branches. This provides a savings they can pass on to their depositors and offer competitive services to anyone, almost anywhere.

"The MDX is the latest addition to MagTek's broad family of check readers and scanners that are currently being used by retailers and financial institutions around the world to read and image millions of checks daily," said Andy Deignan, vice president, financial business unit at MagTek. "In addition, our products offer end-to-end security needed by financial institutions to ensure safe remote deposit."

MDX has a built-in secure MSR that incorporates MagTek's MagneSafe security architecture, which mutually authenticates the MDX scanner to the financial institution's host application, ensuring the integrity and legitimacy at both points of the transaction. Furthermore, MDX offers comprehensive multi-factor authentication addressing the concerns raised by the FFIEC: "When used as the only control mechanism, single-factor authentication is considered to be inadequate for high-risk transactions involving access to customer information or the movement of funds to other parties."