SAN DIEGO, April 23, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK) (www.miteksystems.com), a leading mobile imaging software solutions provider, today announced it will demonstrate Mobile Photo Bill Pay during NACHA Payments 2013, April 21 – 24 at the San Diego Convention Center.
Mitek will demonstrate Mobile Photo Bill Pay in a new program at the conference called PAYMENTS 3D; that was created for leading innovators to showcase the latest solutions for the payments industry. NACHA PAYMENTS 2013 conference attendees can see a live demonstration of Mobile Photo Bill Pay between 10:00 a.m. and 11:00 a.m. (PDT), Tuesday, April 23 in room 11B of the San Diego Convention Center, or they can stop by the 3D Pavilion in Exhibit Hall B between 1:30 p.m. and 2:30 p.m. (PDT) to speak with a Mitek representative.
Mobile Photo Bill Pay is a valuable asset to financial institutions for increasing the number of customers using bill payment. The benefits to the bank of having active bill pay customers is significantly higher customer retention, increases in Demand Deposit Account (DDA) account balances and the ability to generate revenue with expedited payment fees.
Mobile Photo Bill Pay builds on the success of Mitek's Mobile Deposit® by enabling a bank customer or credit union member to easily and securely pay a bill with the snap of a mobile device camera. After a customer takes a picture of a bill, Mitek's patented mobile imaging technology automatically extracts relevant information from the paper bill and auto-populates the fields required to make a mobile payment. This revolutionary new way to pay bills eliminates the need for manual data entry, a checkbook or even a computer.
To date, U.S. Bank, City Bank Texas, and First Financial Bank of Abilene, Texas, have launched Mobile Photo Bill Pay to their customers. Like the early movers with Mobile Deposit, the first financial institutions to offer a better bill pay experience will gain a competitive advantage because customers will be willing to switch banks to get this new convenience. A recent Javelin Strategy & Research survey of U.S. mobile phone owners underscores the demand for this innovative bill payment solution. The February 2013 report, Going beyond Mobile Remote Deposit Capture to Bridge the Consumer Transaction Gap, revealed that 42 percent of mobile bankers expressed a desire to use mobile photo bill pay.
Mobile Photo Bill Pay is built on Mitek's patented enterprise-class mobile imaging platform and process for converting personal document images taken with a mobile device into useful data that drives high-value business applications. Mobile Photo Bill Pay is part of Mitek's suite of banking solutions which includes Mobile Deposit®, Mobile Photo Balance Transfer®, Mobile Photo Enrollment™, Mobile Photo Payment™ and Mobile Photo Capture™.
Mobile Photo Bill Pay is available on premise and in a hosted, PCI compliant environment.
Headquartered in San Diego, CA., Mitek (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, please visit http://www.miteksystems.com. MITK-G
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