Mitek Intros Banking Software

Mitek Systems launches first mobile check deposit and bill pay application

January 22, 2008

2 Min Read

SAN DIEGO -- Mitek Systems, Inc. (OTC Bulletin Board: MITK) (http://www.miteksystems.com), an innovator of image analytics and pattern recognition software, today announced 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.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041117/LAW022LOGO)

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 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 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. "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."

Mitek Systems Inc.

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