Five of Top 10 Retail Banks Now Signed to Deploy Mitek Systems' Mobile Deposit® Application
Momentum for Flagship Mobile Payments Product Accelerates
SAN DIEGO, April 5, 2011 /PRNewswire/ -- Mitek Systems Inc. (OTC: MITK.OB; www.miteksystems.com) reported today that the company and its channel partners signed 26 new agreements with banks, credit unions and other financial institutions -- including two more of the nation's top 10 retail banks -- to deploy its leading mobile remote deposit capture (RDC) application, Mobile Deposit®, during its second quarter, which ended March 31.
During its first fiscal quarter, ending December 31, 2010, 10 major banks and credit unions -- including three of the top 10 retail banks by assets in the United States -- signed agreements to integrate and launch Mobile Deposit into the mobile-banking choices they offer their customers. Deployment agreements reached in the last six months now total 36, the company said.
"More than ever before, banks and credit unions are realizing that offering their customers a mobile check-deposit capability is a competitive imperative as they respond to consumers' growing appetite for mobile-banking options on their smart phones," said Mitek President and CEO James B. DeBello.
"Retail banking is so competitive these days that banks and credit unions see mobile check deposit as a must-have differentiator, leaving those who don't yet have comparable apps scrambling to catch up," DeBello said. "These competitive dynamics are accelerating demand for our products."
Mitek's patented Mobile Deposit takes advantage of the cameras that come standard with devices such as iPhone, BlackBerry and Google Android handhelds. To deposit funds into online accounts anywhere, anytime, consumers use their smart phones to snap photos to deposit checks. The app does the rest, delivering electronic images of the checks to financial institutions in the required format.
Throughout 2010, Mitek succeeded in forging distribution partnerships for Mobile Deposit with all leading technology solutions integrators and applications services providers that supply banks, credit unions and other organizations with bundled technology solutions. That widespread acceptance gained Mitek recognition as the "Gold Standard" in mobile check deposit using smart phone cameras.
Mitek's Mobile Deposit delivers a superior consumer experience for users, who simply point, shoot and deposit any check with a single try. The app is accurate, secure, easy to use and convenient in giving consumers an alternative to visiting bank branches or ATMs to make deposits. It complies with all financial industry regulations and is most often offered under financial institutions' "white label" brands.
The app stems from Mitek's intellectual property portfolio of patents covering the company's core expertise in analyzing, reading, capturing, converting and processing digital images of all pertinent data extracted from checks and other financial documents. Mitek applies that same expertise to other applications for the financial services industry, including Mobile Photo Bill Bay™ and Mobile ACH Enrollment™.
About Mitek Systems
For more than 20 years, Mitek Systems (OTC: MITK.OB) has provided financial institutions with advanced imaging and analytics software to authenticate and extract data from imaged checks and other financial documents. Mitek's patented technology has created the Gold Standard for Mobile Check Deposit and is currently used by leading financial organizations in the United States to process more than 10 billion items per year.
Today, Mitek is applying its patented technology and extensive expertise in image correction, optical character recognition and intelligent data extraction to mobile devices. Using Mitek Mobile Apps, smartphone users can now deposit checks, pay bills, save receipts and fax documents while on the road or sitting at a desk -- eliminating trips to the bank, Post Office and file cabinet. Simply take a picture of the document and Mitek does the rest -- correcting image distortion, extracting relevant data, routing images to their desired location, and processing transactions through users' financial institutions.
For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.
Jim Byrnes, for Mitek Systems
SOURCE Mitek Systems Inc.
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