Mitek (NASDAQ: MITK, a global leader in mobile capture and identity verification software solutions, today announced the availability of its award winning Mobile Deposit in the United Kingdom (UK) with other countries to follow.
“Adoption of Mobile Deposit in the United States and Canada has exploded. Now, thanks to the Small Business, Enterprise and Employment Act, UK banks will be able exchange check images as early as July of this year, clearing the path for widespread use of Mobile Deposit,” said James B. DeBello, president and CEO, Mitek. “Through a global partner, Mitek’s Mobile Deposit will be deployed at a leading UK clearing bank. As a result, depositors won’t have to travel to a branch or ATM to make a deposit, and banks will save millions in processing costs in the coming years.”
Mobile Deposit for UK is available for banks to begin integration today. UK banks that are early adopters of Mobile Deposit will enjoy a distinct competitive advantage by allowing them to leapfrog the costly Remote Deposit Capture desktop scanner hardware investments that were made by banks in the U.S. before Mobile Deposit was available. Every check that can be migrated to the mobile channel earlier means banks can save in deploying or maintaining image capture infrastructure.
Support for other global markets where checks play a significant role in the payment ecosystem are under development. Mitek’s image capture solution will be localized for each country to recognize and process the different specifications and formats of each country’s checks as well as differences in regional handwriting styles. This will create a similar user experience enjoyed by more than 60 million consumers and implemented by more than 4,800 financial institutions in the US and Canada, including all 10 of the top 10 U.S. banks.