Mitek Granted New Patent for Its Mobile Photo Bill Pay Capabilities
U.S. Patent and Trademark Office Issues Mobile Imaging Technology Leader Its
14th Patent; Mitek Solidifies Leadership in Next-Generation Mobile Bill
SAN DIEGO, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Mitek Systems (Nasdaq:MITK)
(www.miteksystems.com), a leading mobile imaging software solutions provider,
today announced that it has been issued U.S. Patent No. 8,379,914, "Systems
and Methods for Mobile Image Capture and Remittance Processing," by the U.S.
Patent and Trademark Office. The "'914" patent is related to the use of
Mitek's mobile imaging technology for the purpose of paying a bill. Mitek now
has 14 patents issued and 14 patent applications pending.
Mitek's Mobile Photo Bill Pay^™ enables a bank customer or credit union member
to easily and securely pay a bill with the snap of a smartphone or tablet
camera. After a customer takes a picture of a bill, Mitek's technology
automatically extracts relevant information from the paper bill and
auto-populates the fields required to make a mobile payment. The consumer can
then schedule the payment and click "pay." This revolutionary new way to pay
bills eliminates the need for manual data entry, a checkbook or even a
computer. The technology is built on advances in Mitek's successful Mobile
Deposit^®, currently used by millions of customers of the nation's top banks.
To-date, a number of financial institutions have signed agreements to offer
Mitek's Mobile Photo Bill Pay solution, including U.S. Bank and First
Financial Bank of Abilene, Texas, who launched the service to their customers
in January 2013.
"Though the process for our Mobile Photo Bill Pay is incredibly easy for
end-users—they simply have to snap a photo of a bill and the technology takes
care of the rest—behind the scenes, Mitek has spent years perfecting the
technology to accurately and effectively recognize and extract data from the
thousands of bill formats that exist today and then apply that data
automatically to enable users to pay bills," said Michael Strange, chief
technology officer for Mitek. "The newest patent in our growing portfolio
shows our continued innovation in mobile imaging technology and our dedication
to providing our customers with the most advanced solutions in the industry."
Research firm Aite projects mobile banking will grow 300 percent over the next
four years. The technologies that enable consumers to conduct banking
functions such as deposit checks and pay bills from mobile devices are in high
demand. Aite reported that monthly bill payment from smartphones is expected
to more than double over the next two years, from 14 million to 34 million
users paying bills with their mobile device.
The '914 patent: Systems and Methods for Mobile Image Capture and Remittance
Processing, includes the processes and methods Mitek has developed to capture
a bill image, improve the quality of the image, extract the required content,
identify the intended recipient and pay the bill.
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: Mitek Contacts:
Vice President, Investor Relations & Corp Comm
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