Mobile imaging technology developer Mitek Systems (News - Alert) recently announced its new mobile app, Commercial Mobile Deposit Capture.
Commercial Mobile Deposit Capture supports the deposit of paper checks for any mobile user which can lessen the amount of time financial departments must dedicate to visit their banks each week. Additionally, the new app extends mobile imaging to invoice documents so those departments can also easily keep track of documents which support the checks they receive from their clients. James B. DeBello, president and CEO of Mitek, spoke in the company's announcement about Mitek's initial creation of Mobile Deposit, the impact it has had on consumer banking, and the change it can bring to businesses with Mitek's new app.
“Mobile Deposit forever changed retail banking and is used by more than 33 million consumers and more than 3,300 financial institutions. Now we are bringing it to commercial banking customers, including 28 million small and medium sized businesses, with a set of business focused features,” DeBello said. "Commercial Mobile Deposit Capture results in faster funds availability and better cash management by pairing our proprietary invoice capture technology with all the speed, accuracy, and mobility that users love.”
Aside from the time savings that the app can provide, there are also costs savings associated with the acceptance of checks versus the acceptance of credit cards. Even though Mitek cites a recent WePay (News - Alert)survey which claims that small business owners prefer being paid by cash or check, the use of cash can be a security risk as well as a time sink. Checks were once a time sink as well, but direct deposit through mobile imaging, account managers can expect to eliminate that cost from their operations.
Businesses can also take advantage of the branding power of the new app. If they choose, businesses can brand the app to fit their own organizations and alter the internal workings of the app such as changing fields that apply to accounts receivable. Furthermore, Commercial Mobile Deposit Capture can integrate with other software that businesses may already have in place, such as back office workflow programs, so there is no specialized knowledge necessary to get started.
Edited by Stefania Viscusi
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