Universal check deposit systems and methods

A system architecture for supporting a mobile check deposit of a check into a bank account, the check having a first value, the first value being in a first currency, the bank account holding funds having a second currency, the system architecture comprising:

• a mobile check deposit host for:
• receiving an image of the check from a mobile phone platform;
• transmitting the image to a clearinghouse;
• identifying an exchange rate between the first and second currency at a time corresponding to a time stamp identifying a time that a selection was received by the mobile phone platform from a user to deposit the check in the bank account;
• and
• accumulating funds having a second value in the second currency, the second value being the first value, in the first currency, converted to the second currency using the exchange rate;
• generating a shadow account associated with the bank account;
• and
• transferring the accumulated funds into the shadow account, the funds being inaccessible to the user;
• and
• the shadow account for, upon receipt of an instruction from the mobile check deposit host, transferring the funds into the bank account and closing the shadow account.

A system architecture for supporting a mobile check deposit of a check into a bank account, the check having a first value, the first value being in a first currency, the bank account holding funds having a second currency, the system architecture comprising:

• a shadow account creator module for:
• receiving a request from a mobile phone platform to generate a shadow account;
• generating the shadow account and a shadow account identification number;
• appending the shadow account to the bank account and transmitting the shadow account identification number to a mobile check deposit host;
• the mobile check deposit host for:
• transmitting an image of the check to a clearinghouse;
• receiving the first value of the first funds directly or indirectly from an account upon which the check was drawn upon;
• and
• depositing the first value of the first funds into the shadow account;
• a shadow account module for:
• identifying an exchange rate between the first and second currency, the exchange rate being calculating at a time of the deposit of the first value of the first funds in the shadow account;
• trading the first value of the first funds for a second value of funds in the second currency, the second value being the first value, in the first currency, converted to the second currency using the exchange rate and less a processing fee;
• depositing the funds having the second value in the second currency into the shadow account;
• and
• transferring the funds from the shadow account to the bank account.