Through the program, Mitek Systems will integrate its ImageNet Mobile Deposit application for BlackBerry smartphones equipped with a two megapixel or higher camera including the BlackBerry Bold smartphone from Research In Motion (RIM). ImageNet Mobile Deposit is the first mobile banking software that allows banks to accept paper check deposits from merchants and mobile professionals via camera-equipped mobile phones.

Merchant Capture Adoption

According to the TowerGroup, merchant capture has grown exponentially over the past 24-36 months as the technology is eliminating trips to deposit checks, reducing deposit preparation time, improving cash flow with extended deadlines, and enabling consolidation of bank relationships.

Many small to medium sized business have been slower to adopt merchant capture because of the relatively high cost of entry which can include equipment, software and maintenance costs. ImageNet Mobile Deposit eliminates the high entry costs for small businesses who want merchant capture because the application is downloaded onto the BlackBerry smartphone, converting it into a mobile check reader. This allows small to medium sized businesses to use merchant capture virtually anywhere.

"Our research finds that merchant capture is a trend that continues to grow across many organizations worldwide," said Virginia Garcia, senior research director, TowerGroup. "Mobile remote deposit provides commercial banks competing for small to medium sized business accounts with an effective retention tool that helps facilitate cost savings and customer service."

"The BlackBerry Bold is a natural fit for ImageNet Mobile Deposit as millions of mobile professionals already rely on the BlackBerry platform as a primary means of conducting business on the road," said James DeBello, president and CEO, Mitek Systems. "ImageNet Mobile Deposit has achieved two major breakthroughs for small businesses by creating a cost effective way to facilitate merchant capture and making the entire process mobile, where most small businesses regularly conduct business.

Merchant Capture Using ImageNet Mobile Deposit

Using the application is simple. Users download ImageNet Mobile Deposit to their BlackBerry smartphone. To make a deposit, the user initiates a mobile banking session, keys in the deposit amount, and snaps a photo of the front and back of the check. The software captures the images and recognizes the data. Before transmitting data to the bank, ImageNet Mobile Deposit confirms the check images meet Check 21 accepted image quality standards. Once the bank's system receives the deposit, it sends the customer a confirmation text message.