Mitek Mobile Deposit(R) to Power More Than 20 Prepaid Initiatives

Mitek Mobile Deposit(R) to Power More Than 20 Prepaid Initiatives

Mitek CEO James DeBello to Speak at Money 2020

SAN DIEGO, Oct. 23, 2012 (GLOBE NEWSWIRE) -- Mitek Systems (Nasdaq:MITK)
(, a leading mobile imaging software solutions provider,
today announced that the company's mobile imaging platform is driving the
success of more than 20 prepaid card initiatives from some of the most
innovative banks, large retailers  and telcos by making the process of loading
prepaid cards simple and easy. While prepaid cards are not a new concept in
financial services, Mitek's mobile imaging technology solves many of the pain
points associated with opening and reloading a prepaid account.

Prepaid cards are going mainstream with offerings from some of the top banks
and retailers looking to tap into the millions of Americans interested in
alternatives to traditional financial services. Mitek's innovative mobile
imaging technology is powering these initiatives and fueling adoption of
prepaid cards, including those recently announced by a leading retailer and
tax preparation company. In fact, Mercator Advisory Group predicts that by
2013, consumers will load $117 billion onto prepaid cards, a 200 percent usage
increase in just three years.

Mitek's Mobile Deposit^® product solves the critical challenges of prepaid
cards by allowing consumers to use their smartphone or tablet camera to
instantly set-up, fund or reload the card. Once authenticated, the consumer
can simply take a picture of the front and back of a check to load the prepaid
card and get ready access to their funds.

In a recent blog post, "When opposites attract: American Express and Walmart
Let Bluebird Fly," Aite Group Analyst Madeline Aufseeser commented, "The big
players are investing heavily in this market at a time when consumer bank
sentiment is hovering around all-time lows. As more consumers seek cheaper
banking services, the GPR prepaid market will continue to grow. Large
companies with big brands are now taking advantage of the opportunity. Players
such as American Express, PayPal, and JPMorgan Chase have joined the fray and
launched products in just the last six months." Mitek's mobile imaging
technology powers all of the examples Aufseeser mentions in her blog post.

President and CEO, James DeBello will highlight how Mitek is enabling the
success of the prepaid card trend and other innovations in mobile financial
services when he speaks at Money2020 today in Las Vegas.

"Money2020 is all about innovation and emerging payments, so there is no
better place to talk about the more than 20 prepaid initiatives Mitek is
currently behind," said DeBello. "Mitek's proven Mobile Deposit technology is
the gold standard in RDC technology, and is already in use at hundreds of
financial institutions around the country delivering an easy and convenient
way for bank customers to deposit checks using their smartphone cameras. Now,
with many of the prepaid initiatives backed by Mitek's technology, millions of
Americans who don't use traditional banking institutions will have access to
the same convenience without having to visit a bank or ATM to add funds to the
card. Mitek's Mobile Deposit product enables prepaid card users to load their
card from anywhere, at anytime with a few snaps of their smartphone camera."

As smartphone use continues to grow, the ability for people to conduct mobile
transactions will be critical to the success of banks, insurance companies,
retailers and more. Mitek's imaging technology is powering this innovation and
the future of mobile transactions, including everything from depositing checks
to paying bills, funding pre-paid cards, shopping for an insurance quote and a
better credit card rate and more.

About Mitek Systems

Headquartered in San Diego, CA., Mitek Systems (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 Systems, please visit

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CONTACT: Investor Relations:
         Julie Cunningham
         Vice President, Investor Relations & Corp Comms
         Media Relations:
         Sarah Schulz
         Mix Public Relations
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