Mitek, one of the premiere companies for mobile image capture technology, announced over $10 billion in mobile deposits using their Remote Deposit Capture (RDC) during the second half of 2011. This represents a 143 percent jump in transaction volume from the first.
Instead of having to go to the bank to deposit a check, Mitek's IMageProve service allows users to cash them on the spot using any smartphone with a decent digital camera.
If you have an iPhone (News - Alert), Blackberry, or an Android-enabled smartphone, all you have to do is download Mitek's application and log in to your bank. Take a check you want to deposit, photograph the front and back of it. As soon as the check is validated, you will receive verification via e-mail. That's all there is to it.
Mitek uses advanced, patent-pending technology to automatically correct a variety of image distortions including tears or wrinkles, bad lighting and skewed angles.
Although several competing companies offer this type of service, Mitek is quickly becoming the standard due to their services' superior ease-of-use and security.
Prepaid debit card providers like Green Dot Corp. and Plastyc Inc are thinking about adopting RDC, as it offers important solutions for our country's under-banked population. People without access to mainstream banking services must pay an unregulated service fee to cash their checks at private businesses in many states. RDC would allow these individuals to cash their checks independently, and save both money and time.
Over 333 companies, including high profile banking institutions like Conestoga, currently use Mitek's RDC for mobile deposit and the trend is one that is likely to continue expanding in the future. A survey conducted by ING Direct indicates that approximately one out of every three people who do not currently use RDC to deposit checks would more than happily consider it.
Edited by Rich Steeves