Malauzai Software has announced that its latest small business offering, Mox Pay, has become the first app to market remote deposit capture as a payment method, according to a company press release. The product was officially introduced at FinovateSpring in early May.

Malauzai said that Mox Pay provides the necessary tools for community financial institutions to create mobile wallets for local businesses. Consumers can use the app to pay these businesses by taking a picture of a check, leveraging RDC technology.

"What better way to connect with and serve local businesses than to help them offer their own mobile wallet apps," said Blake Pelletier, senior vice president and CIO for Redding Bank of Commerce, the first bank to deploy the product. "Creating these apps for local businesses enables them to reduce credit card transaction processing fees as well as paper check handling. Consumers already understand RDC, so it's an intuitive progression for them to use this functionality to make payments. Malauzai allows us to bring a service to the business community that currently, no other financial institution in our area can provide, and if we do not offer this service, our business customers will inevitably find another institution that does."

Mox Pay is an extension of Malauzai Retail-plus for Small Business Banking, which was introduced in October 2015 as a mobile platform designed for the unique needs of a small business, according to the announcement. It enables business owners to move money via unified payments and collections, both ACH and wire, and synchronize transactions by integrating with any accounting software. 

"For the first time, community financial institutions can really help local merchants go mobile and gain the customer service and operational benefits associated with having a custom app," Robb Gaynor, chief product officer for Malauzai, said in a statement. "If banks and credit unions don't proactively serve these technology needs, local businesses will look elsewhere, such as lesser-quality online app builders. This will cause financial institutions to miss a valuable opportunity to extend their relationships with small business customers."