Mitek Sets the Standard for Mobile Check Deposits

Growing Number of Integrators, Banks Sign On To Deploy Mobile Deposit(R) App; Company Publishes White Paper to Help Banks With Technical Considerations

Jun 30, 2010, 07:00 ET from Mitek Systems, Inc.

SAN DIEGO, June 30 /PRNewswire-FirstCall/ -- As more financial services integrators and banking institutions distribute and deploy its patent-pending Mobile Deposit® application, Mitek Systems, Inc. (OTC Bulletin Board: MITK; www.miteksystems.com), is quickly establishing itself as the "Gold Standard" for remote mobile deposit of checks by consumers and business people using camera-equipped smartphones such as iPhone, Android and BlackBerry devices.

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Mitek now has signed partnership  agreements for Mobile Deposit with all of the leading providers of technology applications and solutions for the financial services industry in the United States, including Fiserv, NCR, NetDeposit, RDM Corporation and J&B Software, and mobile banking vendors, including Clairmail, mFoundry and Monitise Americas™, among others.

The newest are with WAUSAU Financial Systems, Skyline's DirectFED Payment SolutionsSecure Payment Systems and Bluepoint Solutions with more to be announced soon as banks, retailers and other organizations rush to offer Mobile RDC applications as end users' desire for mobile-banking grows along with mushrooming sales of smartphone devices.

Mitek is seeing an uptake from financial services institutions opting to deploy Mitek's Mobile Deposit as a customer convenience. These include national banking-services companies that are white-labeling Mitek's application and advanced mobile check imaging, as well as community banks, including The Bancorp Bank and Conestoga Bank, which are deploying Mobile Deposit.

Mitek Systems has long been an innovator of advanced-image analytics and mobile-document-capture applications for smartphones, developing Mobile Deposit to comply with all industry standards – including Check 21 – and helping banking institutions take advantage of the growing acceptance of smartphone applications for the mobile Web.

Speaking of the Mobile RDC category, where Mitek's Mobile Deposit is receiving wide industry acceptance, Bob Hedges, Managing Partner of Mercatus LLC, a leading retail financial services strategy firm, recently told an audience at the SourceMedia/American Banker  annual Mobile Banking Summit:  "Without any doubt, mobile remote deposit capture will emerge as a highly compelling consumer application.  With the accelerating adoption of mobile banking, and the increased convenience available to consumers, mobile remote deposit capture will soon be viewed as a 'tablestakes' strategic requirement."

DEVELOPED FOR EASE OF USE

Mobile Deposit is a highly secure, accurate and easy-to-use application that's available through financial institutions as a standalone product for merchants or embedded into existing mobile-banking applications for retail customers.  It allows users to initiate mobile-banking sessions, key in their deposit amounts and simply snap photos of both the fronts and backs of the checks with their smartphone cameras. The Mitek software captures the check and converts it to an industry standard Check 21 image for transmission to the financial institution's RDC receiving solution.

Before transmitting the check images, Mitek's IMagePROVE™ technology formats the images, automatically corrects any image distortions or skewing, and confirms that the images meet Check 21 and mobile image-quality standards. After the checks are submitted successfully, users receive instant communications back from their banks, resulting in rapid access to funds or timely payments.

A video demonstrating Mobile Deposit in use is available at http://www.miteksystems.com/OOMPH_MD_video.asp.

WHITE PAPER ADDRESSES TECHNICAL, BUSINESS CONSIDERATIONS

Mitek Systems CEO James DeBello, who spoke recently at the SourceMedia Mobile Banking Summit in Las Vegas, explained to an industry audience about Mobile RDC and distributed the Mitek white paper entitled "The Gold Standard for Mobile Check Deposit."

"Mitek produced the Gold Standard for Mobile Check Deposit because the Mobile RDC opportunity is irresistible, and requires new technology that is extremely difficult to do properly, while the cost of failure is simply unacceptable," DeBello said.

"It's not just hard to build," he continued. "It's expensive because it requires multi-disciplinary expertise to do it right. The cost for achieving this can be prodigious, because it requires expertise in smartphone platforms, network security, industrial-strength server software and Web services, interface usability, advanced mobile imaging analysis and repair tools, and phone/server communication.  And, after launching a Gold-Standard-capable application, it must be tested and certified and supported, and extended as telecom standards evolve."

The full text of Mitek's "Gold Standard for Mobile Check Deposit" can be accessed at http://www.miteksystems.com/OOMPH_GoldStandardWhitePaper_details.asp.  The white paper is also available on the American Banker web site at http://www.americanbanker.com/papers/

About Mitek Systems

Mitek Systems (OTC: MITK.OB), an innovator of advanced image analytics and mobile document capture applications for smartphones, has created the Gold Standard for Mobile Check Deposit.  For more than 20 years, the Company has developed a comprehensive suite of intelligent character recognition software used to test, clean, authenticate and extract data from imaged checks, documents and objects, and its software is used to process more than 10  billion items per year.  For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.

Contact:

Mitek Systems, Inc.

Sue Huss

sue.huss@comunicano.com

619-379-4396

SOURCE Mitek Systems, Inc.



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