Mitek Systems, a provider of image analytics and mobile document capture applications, has signed an Original Equipment Manufacturer(OEM) agreement with Fiserv, the global provider of financial services technology solutions, for Mitek’s ‘Mobile Deposit’ application. This agreement is expected to enable customers to deposit their personal or business checks using a cell phone camera.
Reportedly, Mitek’s Mobile Deposit application allows financial institutions to accept check deposits via camera-equipped cell phones. The application supports the payments industry standards for remote check deposit (RDC), and extends mobile deposit capabilities to consumers who use cell phones equipped with a camera. The company has added that the product will be available on the iPhone, and selected BlackBerry and Windows Mobile handsets.
The company explains that when depositing a check, the consumer 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 check image and prepares it for transmission to the bank. Before transmitting the check image, Mitek’s IMagePROVE technology automatically corrects image distortions and skewing and confirms that it meets accepted Check 21 image quality standards. The process is similar to an ATM deposit or home deposit, for which banks already have policies and safeguards in place.
James DeBello, president and CEO, Mitek Systems, said: Consumers have already shown a
desire to conduct their banking online and with their mobile devices, now they have the opportunity to
deposit checks while checking their balance and paying their bills while on the go.”
