Online banking has become one of the most convenient ways to do banking today. Many consumers utilize this service for its many features such as checking balances, transferring funds, and paying bills online. But when it comes to depositing or cashing a check, bankers will have to take it to the local branch. That may no longer be the case as global leader in Check Image Analytics Mitek shows us the way of the future.
Mitek is the global leader in Check Image Analytics used to detect check fraud and improve customer service. Their recognition technology is currently being used to process over 8 billion checks per year. Today, Mitek markets and supports the most comprehensive suite of recognition software used to test, clean, read and authenticate imaged checks or documents.
According to the company, Mitek has developed and will unveil the first mobile banking software that allows 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.
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, and according to James DeBello, CEO Mitek Systems, “banks can now offer the full suite of core retail banking services anytime and anywhere, without a computer.”
In the fall of 2007 Mitek also develop new software called ImageNet Signatures™ which enables applications to detect fraudulent signatures on checks, voter ballets, account applications and other documents that require legal signatures. The signature validation technology earned four U.S. patents for its unique method of assigning a numeric score to each reviewed signature.
Mitek is not alone in this new wave of imaging technology. It is subjected to international competitors such as Top Image Systems(NASDAQ:TISA) as well as Swedish competitor Readsoft AB who recently closed two deals totaling $1.2M USD with two Silicon Valley organizations.
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