Mitek reports strong deployment of mobile deposit app

Source: Miek Systems

Mitek Systems, Inc. (OTC Bulletin Board: MITK), an innovator of mobile-imaging applications and solutions for financial services and other industries, said today it is seeing a rapid upswing in new deployments of its flagship Mobile Deposit® application by banks, credit unions and other financial services institutions.

President and CEO James B. DeBello said that during the quarter ending December 31, 2010, at least 10 well-known financial institutions - including, three of the top 10 retail banks based in the United States and one of the top 30 credit unions - have signed agreements to deploy the Mobile Deposit solution to their consumers, often under their own "white label" brands. Banks deploying Mobile Deposit represent all asset sizes, and the solution also is being deployed by a brokerage firm and PayPal.

DeBello said the increasing deployments are a harbinger of another successful year for Mitek as the Company enjoys further adoption of Mobile Deposit and strives to broaden its offerings enabled by its core expertise in mobile image-processing technology, including its most recently announced product Mobile Photo Bill Pay™.

Mobile Deposit is the patented application that allows users of the world's favorite smart phones - including iPhone, Android and BlackBerry mobile devices - to deposit funds into online accounts simply by snapping photos of their checks using their smart phone cameras anywhere, any time. The solution is highly secure and convenient in giving consumers an alternative to visiting bank branches or ATMs to make deposits.

The Mobile Deposit solution is currently sold to banks and credit unions by all major technology solutions integrators and applications services providers that deliver bundled technology to the financial services industry, including Fiserv, FIS, NCR, Jack Henry and Associates, BankServ, Wausau Financial Systems, J&B Software, RDM, Bluepoint Solutions, and Cachet Financial.

"The success we had last year in racking up distribution partnerships for Mobile Deposit gave us good reason to call it the 'Gold Standard' in mobile remote deposit capture," said DeBello. "It's tremendously satisfying that our strategic vision for Mobile Deposit is now being realized, and we've introduced Mobile Photo Bill Pay as the next major mobile image-processing innovation from Mitek designed to deliver a huge convenience to consumers."

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