Source: Mitek Systems
Mitek Systems, Inc. (BULLETIN BOARD: MITK), a leading provider of check image analytics and intelligent character recognition software, today announced that the Company signed an OEM agreement with Retail Decisions (ReD) for Mitek's Check 21 distributed recognition suite of software.
ReD has launched ReD eCheck, a complete check imaging solution for merchants incorporating Mitek's QuickStrokes(TM) and QuickFX(TM) distributed recognition software. By embedding Mitek's technology, ReD can provide merchants with the capability to capture and electronically transport check images to their bank from remote locations, resulting in improved funds availability and lower paper check handling costs.
The ReD eCheck solution combines electronic check processing software and conversion hardware in a single platform to perform Point-Of-Purchase (POP) and Accounts Receivable Conversion (ARC) transactions. Mitek's Check 21 distributed recognition software assesses the readability of the image, corrects for poor image quality, and automatically recognizes critical information on the image to accelerate conversion into electronic data used to complete an ACH transaction. ReD eCheck can also be enabled with Mitek's FraudProtect(TM) software to verify the authenticity of the processed checks and prevent identity theft.
"Mitek offers a sophisticated and complete set of software for capturing, authenticating, and using data from check images at the point-of-presentment. ReD is pleased to have partnered with Mitek to offer a complete Merchant Check Processing solution," said Xavier Kris, Chief Executive of Retail Decisions, Inc.
"We are very pleased to have ReD select our technology. We welcome them to the long list of top financial institution technology providers that embed Mitek technology to add value to their offering," said James B. DeBello, Mitek's President and CEO.