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Mitek Announces Major Bank Has Licensed its Mobile Deposit and Mobile Photo Bill Pay

Mobile Commerce Insider Featured Article

March 28, 2014

Mitek Announces Major Bank Has Licensed its Mobile Deposit and Mobile Photo Bill Pay

By Frank Griffin
TMCnet Contributing Writer

Getting rid of checks as well as the act of making deposits at banks by physically going there saves financial institutions tens of millions of dollars annually. More and more banks are using mobile deposits as a viable alternative because of the benefits it provides to the organization and the convenience it offers consumers. Mitek, provider of mobile imaging for financial transactions, announced another top bank in the US has licensed its Mobile Deposit and Mobile Photo Bill Pay. Currently this technology is used by all top 10 banks in the US.

Although full details of the license has not been released, Mitek has revealed it is a top US 30 bank, which further illustrates the acceptance of this technology by consumers for making bank deposits and conducting other banking transactions.

Mitek uses a patented mobile photo technology to capture images and extract relevant data from personal and financial documents. Using a smartphone's camera the  Mitek platform can make mobile check deposits, open accounts, pay bills, get insurance quotes and many other services. The technology is licensed by more than 1,700 organizations for increasing customer acquisition, retention and operational efficiency.

The Mobile Photo Bill Pay lets users add new payee, return bills and payments, pay one-time or nonrecurring bills and make expedited payments. All a user has to do is take a picture of a bill in the app extracts relevant data from the document automatically and populates the fields required to make a mobile payment. Not only does this eliminate the need to mail the payment, but it also removes manual data entry, a checkbook or even a computer.

Photo Check Deposit is used for mobile remote close capture solution by retail and commercial banking, brokerages and prepaid card providers. It allows these organizations to increase customer satisfaction and lower attrition rates with:

  • Endorsement analytics - the ability to detect endorsements will increase deposit limits by better isolating and managing risk
  • Device and deposit business intelligence - powerful business intelligence for insight and tuning
  • Mitek MiSnap - the automatic, touch-free mobile capture technology
  • Deployment as part of a SaaS (News - Alert) solution or integrated package with your licensed software package
  • State-of-the-art encryption
  • API for integration with any Mobile Banking vendor or custom platform

"According to recent research by Alix Partners, 28 percent  of smartphone owners are willing to switch primary banks to get access to Mobile Photo Bill Pay. This further expands adoption of both Mobile Photo Bill Pay and Mobile Deposit in the top 30 U.S. banks," said James B. DeBello, president and CEO of Mitek. 

Edited by Cassandra Tucker

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