Mitek Systems, Inc. (BULLETIN BOARD: MITK), San Diego, Calif., an
innovator of image analytics and pattern recognition software, has
launched ImageNet Mobile Deposit(TM), the first mobile banking software
that allow banks to accept paper check deposits and bill payments via
camera-equipped mobile phones. Mitek will demonstrate ImageNet Mobile
Deposit in booth #225 at the BAI-TransPay show beginning February 5,
2008 in Dallas at the Gaylord Grapevine Resort.
Mitek's ImageNet Mobile Deposit supports the payments industry
standards for remote check deposit, and extends mobile payments and
deposit capabilities to millions of consumers who use camera-equipped
mobile phones. According to estimates from industry analysts, more than
600 million camera-equipped mobile phones shipped worldwide in 2007,
with more than 100 million camera-equipped mobile phones shipped in the
U.S.
Remote deposit has proven extremely popular with commercial and
retail banking customers for its ability to reduce the amount of trips
to a local banking branch. Commercial installations of remote deposit
workstations will grow from 245,000 in 2007 to 785,000 this year and
more than 5 million in 2012, according to data from Celent, a financial
technology analyst firm, as quoted in the July issue of
DigitalTransactions magazine. A recent survey conducted by MQA Research
on behalf of CheckFree Corp., also found consumer interest very high.
Nearly half of survey respondents indicated they would use a mobile
banking and payments application if it were offered.
"Remote deposit technology is proven and is enjoying
accelerating adoption, but the hardware cost makes it a non-starter for
consumers," said Bob Meara, senior analyst, Celent, LLC.
"Mitek Systems makes remote deposit technology affordable and
ubiquitous using camera-equipped mobile phones. This will help banks
retain existing customers and compete for new customers -- even when
they don't have a comparable branch footprint."
"Currently, mobile banking customers can check balances, pay
electronic bills and transfer funds, ImageNet Mobile Deposit is the next
logical component in the electronic wallet," said James DeBello,
CEO Mitek Systems. "Now banks can offer the full suite of core
retail banking services anytime and anywhere, without a computer."
Works with Current Mobile Phone and Banking Platforms
ImageNet Mobile Deposit works with virtually all mobile and smart
phones equipped with a two-megapixel camera running on Microsoft Windows
Mobile or the Symbian operating system. It supports application
platforms based on Microsoft .NET and J2ME. For a complete list of
compatible mobile phone and software technical specifications, visit
http://www.miteksystems.com/in_mobile.asp.
Making Deposits and Payments
Using the application is simple. Users download ImageNet Mobile
Deposit to their camera-equipped mobile phone. To make a deposit, the
user initiates a mobile banking session, keys in the deposit amount, and
snaps a photo of the front and back of the check. The software captures
the images and recognizes and extracts the check's Courtesy Amount
and Legal Amount (CAR/LAR). Before transmitting data to the bank,
ImageNet Mobile Deposit confirms the check images meet Check 21 accepted
image quality standards. Once the bank's system receives the
deposit, it sends the customer a confirmation text message. Paying paper
bills follow a similar approach. The user snaps a photo of the payment
coupon and keys the payment amount and specifies payment date. The
application automatically extracts payment data and delivers it to the
bank. Once the bank's system receives the deposit, it also sends
the customer a confirmation text message.
More than 30 percent of nearly 30 billion U.S. checks written
annually are processed with Mitek technology. Mitek's advanced
image analytics and remote deposit capture experience have been adapted
for the unique challenges of correcting and accurately extracting data
from camera-equipped mobile phone images. Mitek's new mobile
offering leverages the company's proven ImageNet Payments, Remote
Remit and Prep & ID developer toolkits. Mitek has served on the
Financial Services Technology Consortium committee for the X9.37 Image
Quality Assurance draft standard and has been awarded three patents for
its secure code signature validation technology used by banks to
authenticate checks. These capabilities help ImageNet Mobile Deposit
facilitate the prevention of rejected deposits and multiple deposit
submissions. This application has been designed to be integrated into
existing remote deposit capture or mobile banking platforms. Mitek
remote deposit technology partners include RDM Corporation, J&B
Software, RemitPro, Millennial Vision Inc., Summit Innovations Inc. and
EFC Systems Inc.
About Mitek Systems, Inc.
Mitek Systems (BULLETIN BOARD: MITK) is an innovator of image
analytics and pattern recognition technologies used by financial
institutions, life science companies, and government agencies. The
company develops and markets the most comprehensive suite of intelligent
character recognition software used to test, clean, read and
authenticate imaged documents and objects, and its software is used to
process more than nine billion transactions per year.
For more information, call 858/503-7810 or visit
http://www.miteksystems.com.
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