Mitek and Symbol team for payments authentication

Source: Mitek Systems

Mitek Systems, Inc. (BULLETIN BOARD: MITK), a leading provider of image analytics and intelligent character recognition software, today announced that the company signed a Licensing and Partnership Agreement with Symbol Technologies, Inc. (NYSE:SBL), the Enterprise Mobility Company.

The companies will collaborate to bring advanced recognition to image-based barcode scanning devices. The agreement includes licensing of core technology to enable Symbol, the world leader in data capture devices, to enrich their offering to provide automatic machine print character recognition. In addition, the companies plan to extend the relationship to leverage Mitek's innovative signature forgery detection technology within their devices. These capabilities will enable merchants, retailers and other vendors with point of sale data capture capabilities to save costs, and reduce fraud losses.

Using Mitek's technology and Symbol's market leading digital scanning products, data capture will no longer be limited to barcode formats. This innovation extends the addressable market for the next generation devices beyond traditional barcodes, which in some environments may be impractical, as well as opening opportunities for automatically capturing vital printed data on documents, envelopes, containers and shipments.

"Many of our customers in vertical markets such as retail, healthcare, and government, have asked us to help them capture printed information from tickets, receipts, and other documents to improve business process efficiency," said Mike Poldino, vice president of Symbol's advanced data capture division. "Working with companies like Mitek helps us to continue delivering technologies that meet our customers' rigorous quality and performance standards."

"We are extremely pleased to be working with Symbol Technologies and believe that our relationship will yield many exciting new innovations in future Symbol products," said James DeBello, Mitek's CEO. "For example, we believe that the opportunity to stop check fraud at the retail cashier by utilizing Mitek's secure signature code imprinted on checks will provide tremendous value to merchants, and can become a reality in partnership with companies like Symbol."

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