Mitek Systems (OTC Bulletin Board: MITK), an innovator of image analytics and mobile document capture applications, today announced that it has signed an OEM agreement with Fiserv (Nasdaq: FISV), the leading global provider of financial services technology solutions, for Mitek's Mobile Deposit application that enables customers to deposit their personal or business checks using a cell phone camera.
Mobile Deposit gives financial institutions the ability to provide consumers and merchants with quicker availability to funds and an extra level of convenience.
Mitek's Mobile Deposit is the first and only available application that allows financial institutions to accept check deposits via camera-equipped cell phones. Mobile Deposit supports the payments industry standards for Remote Deposit Capture (RDC), and extends mobile deposit capabilities to millions of consumers who use cell phones equipped with a camera. The product will be available on the iPhone(TM), and selected BlackBerry(TM) and Windows Mobile(TM) handsets.
Using the application is simple. When depositing a check, the consumer 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 check image and prepares it for transmission to the bank. Before transmitting the check image, Mitek's IMagePROVE(TM) technology automatically corrects image distortions and skewing and confirms that it meets accepted Check 21 image quality standards. The process is similar to an ATM deposit or home deposit, for which banks already have policies and safeguards in place. See Mobile Deposit in action at miteksystems.com/in_mobile_video.asp.
"Mobile Deposit extends Remote Deposit Capture to 100 million cell phones and enables financial institutions to offer ubiquitous services without an extensive branch network," said Bob Meara, Senior Analyst for Celent's Banking Group. "It's a convenient and reliable way for consumers to deposit their checks, particularly for mobile professionals and field service organizations who seek the benefits of faster funds availability and less risk of lost or delayed deposits."
Fiserv research indicates that financial institutions believe that several market segments will be willing to pay for the convenience and faster funds availability of mobile device check capture, and that banks and credit unions will target small and large businesses that sell products and services at the buyer's location, such as home appliance repair businesses and distributors with trucks in the field.
Teri Carstensen, President Fiserv Item Processing and Payment Solutions Division, noted, "With consumers and businesses today capturing deposits from multiple sources, Fiserv's goal is to create a universal platform that enables deposits anywhere, anytime. More than 1,100 banks already rely on Fiserv for our expertise in deposit capture. We consider Mitek's Mobile Deposit to be an exciting innovation."
"Cell phone check deposit is quickly becoming a new standard for the most convenient way to deposit checks," said James DeBello, President and CEO, Mitek Systems. "Consumers have already shown a desire to conduct their banking online and with their mobile devices, now they have the opportunity to deposit checks while checking their balance and paying their bills while on the go. This partnership demonstrates Fiserv's commitment to bringing the latest and most innovative solutions to its customers."