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$10 Billion in Mobile Deposits Enabled by Mitek Systems Solution

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More than 100 financial institutions are now live with Mobile Deposit and more than 300 have signed up.

Mitek Systems, Inc., a mobile imaging software solutions provider, today announced that approximately $10 billion in mobile deposits have been enabled by Mitek's mobile imaging technology.

Mobile Deposit is Mitek's mobile remote deposit capture (RDC) solution that enables consumers and businesses to make deposits by snapping photos of checks using camera-enabled smartphones and tablets.

The growing adoption of Mitek's technology is also evident in the transaction volume, which increased more than 143 percent during the six-month period ending December 2011.

"Hitting the $10 billion deposit milestone is an exciting proof point in the value and growth of Mobile Deposit, particularly given that just a few short years ago some were questioning if this technology would take off," said James DeBello, Mitek Systems president and CEO. "We now have agreements signed with 333 financial institutions through our partners, including eight of the top eight U.S. banks ranked by asset size, who are using Mobile Deposit as a cornerstone of their mobile strategy."

In a recent press release, ING Direct reported that for direct banking, remote deposit capture "is the next innovative trend." Additionally, in a commissioned survey designed to uncover consumers' checking preferences, ING Direct found that, "about a third (32 percent) of Americans who have never used remote deposit capture said they would use the technology in the future when it became available."

Meanwhile, Mitek's DeBello was scheduled to present, "Mobile Imaging: The Strategic Imperative" in Chandler, Ariz. at the NetFinance conference Mobile Channel Focus Day May 21 2:20 p.m.–2:40 p.m.

NetFinance, a conference for e-commerce and marketing executives in financial services, is being held at the Sheraton Wildhorse Pass in Chandler through May 23. Mitek Systems will also be demonstrating Mobile Deposit and Mobile Photo Bill Pay in Booth 24 during exhibit hours.

Mitek's Mobile Deposit technology is used by hundreds of financial institutions to enable seamless, secure and fast mobile deposits for their customers. Mitek's patented imaging technology solves the difficult challenges presented with remote deposit capture including the automatic correction of photographic and physical problems, such as photos of checks that may be wrinkled, skewed, distorted, or taken under poor lighting conditions. Mitek's technology creates industry compliant images for downstream bank processing.


Headquartered in San Diego, Calif., Mitek Systems (Nasdaq:MITK) is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay their bills, get insurance quotes, and transfer credit card balances by snapping a picture with their camera-equipped smartphones and tablets instead of using the device keyboard. Mitek's technology increases convenience for the consumer by eliminating the need to go to the bank branch or automated teller machine, and dramatically reduces processing and customer acquisition costs while increasing customer retention. With a strong patent portfolio, Mitek is positioned as the leading innovator in mobile imaging software and currently provides its solutions to Fortune 500 financial services companies. For more information about Mitek Systems, visit www.miteksystems.com.

 

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