MITEK LAUNCHES FIRST MOBILE CHECK DEPOSIT/BILL PAY APPLICATION.Mitek Systems, Inc. (BULLETIN BOARD: MITK), San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif., an innovator of image analytics and pattern recognition software, has launched ImageNet Mobile Deposit(TM), the first mobile banking software that allow banks to accept paper check deposits and bill payments via camera-equipped mobile phones. Mitek will demonstrate ImageNet Mobile Deposit in booth #225 at the BAI-TransPay show beginning February 5, 2008 in Dallas at the Gaylord Grapevine Resort.
Mitek's ImageNet Mobile Deposit supports the payments industry standards for remote check deposit, and extends mobile payments and deposit capabilities to millions of consumers who use camera-equipped mobile phones. According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. estimates from industry analysts, more than 600 million camera-equipped mobile phones shipped worldwide in 2007, with more than 100 million camera-equipped mobile phones shipped in the U.S.
Remote deposit has proven extremely popular with commercial and retail banking customers for its ability to reduce the amount of trips to a local banking branch. Commercial installations of remote deposit workstations will grow from 245,000 in 2007 to 785,000 this year and more than 5 million in 2012, according to data from Celent, a financial technology analyst firm, as quoted in the July issue of DigitalTransactions magazine. A recent survey conducted by MQA MQA Multiple Queue Assignment
MQA Mining Qualifications Authority (South Africa)
MQA Material Quotation Analyst
MQA Missouri Quality Award (Northwest Missouri State University)
MQA Material Quality Assurance Research on behalf of CheckFree Corp., also found consumer interest very high. Nearly half of survey respondents indicated they would use a mobile banking and payments application if it were offered.
"Remote deposit technology is proven and is enjoying accelerating adoption, but the hardware cost makes it a non-starter for consumers," said Bob Meara, senior analyst, Celent, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control . "Mitek Systems makes remote deposit technology affordable and ubiquitous using camera-equipped mobile phones. This will help banks retain existing customers and compete for new customers -- even when they don't have a comparable branch footprint."
"Currently, mobile banking customers can check balances, pay electronic bills and transfer funds, ImageNet Mobile Deposit is the next logical component in the electronic wallet See digital wallet. ," said James DeBello This article or section has multiple issues:
* It does not cite any references or sources. Please help improve this article by citing reliable sources.
* Its notability is in question. If notability cannot be established, this article may be listed for deletion. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Mitek Systems. "Now banks can offer the full suite of core retail banking services anytime and anywhere, without a computer."
Works with Current Mobile Phone and Banking Platforms
ImageNet Mobile Deposit works with virtually all mobile and smart phones equipped with a two-megapixel camera running on Microsoft Windows See Windows.
(operating system) Microsoft Windows - Microsoft's proprietary window system and user interface software released in 1985 to run on top of MS-DOS. Widely criticised for being too slow (hence "Windoze", "Microsloth Windows") on the machines available then. Mobile or the Symbian operating system operating system (OS)
Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. . It supports application platforms based on Microsoft .NET See .NET. and J2ME (Java 2 Platform, Micro Edition) A version of Java 2 for cellphones, PDAs and consumer appliances. J2ME uses the K Virtual Machine (KVM), a specialized Java interpreter for devices with limited memory. . For a complete list of compatible mobile phone and software technical specifications, visit http://www.miteksystems.com/in_mobile.asp.
Making Deposits and Payments
Using the application is simple. Users download ImageNet Mobile Deposit to their camera-equipped mobile phone. To make a deposit, the user initiates a mobile banking session, keys in the deposit amount, and snaps a photo of the front and back of the check. The software captures the images and recognizes and extracts the check's Courtesy Amount and Legal Amount (CAR/LAR). Before transmitting data to the bank, ImageNet Mobile Deposit confirms the check images meet Check 21 accepted image quality standards. Once the bank's system receives the deposit, it sends the customer a confirmation text message. Paying paper bills follow a similar approach. The user snaps a photo of the payment coupon and keys the payment amount and specifies payment date. The application automatically extracts payment data and delivers it to the bank. Once the bank's system receives the deposit, it also sends the customer a confirmation text message.
More than 30 percent of nearly 30 billion U.S. checks written annually are processed with Mitek technology. Mitek's advanced image analytics and remote deposit capture experience have been adapted for the unique challenges of correcting and accurately extracting data from camera-equipped mobile phone images. Mitek's new mobile offering leverages the company's proven ImageNet Payments, Remote Remit and Prep & ID developer toolkits. Mitek has served on the Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. Technology Consortium committee for the X9.37 Image Quality Assurance draft standard and has been awarded three patents for its secure code signature validation technology used by banks to authenticate checks. These capabilities help ImageNet Mobile Deposit facilitate the prevention of rejected deposits and multiple deposit submissions. This application has been designed to be integrated into existing remote deposit capture or mobile banking platforms. Mitek remote deposit technology partners include RDM Corporation, J&B Software, RemitPro, Millennial Vision Inc., Summit Innovations Inc. and EFC EFC Expected Family Contribution
EFC Expect(ed) Further Clearance
EFC Evangelical Fellowship of Canada
EFC Evangelical Free Church
EFC Eastfield College
EFC Everton Football Club
EFC Electronic Fee Collection Systems Inc.
About Mitek Systems, Inc.
Mitek Systems (BULLETIN BOARD: MITK) is an innovator of image analytics and pattern recognition technologies used by financial institutions, life science companies, and government agencies. The company develops and markets the most comprehensive suite of intelligent character recognition In computer science, intelligent character recognition (ICR) is an advanced optical character recognition (OCR) system that allows fonts and different styles of hand writing to be learned by a computer during processing to improve accuracy and recognition levels. software used to test, clean, read and authenticate imaged documents and objects, and its software is used to process more than nine billion transactions per year.
For more information, call 858/503-7810 or visit http://www.miteksystems.com.