Video Release -- Mitek 's Mobile Photo Bill Pay 2.0 Makes Paying Bills Even
Faster and Easier
New Version Includes Mitek MiSnap, Touch-Free Automatic Capture Technology,
Powerful Analytics and Performance Enhancements
SAN DIEGO, June 4, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK)
(www.miteksystems.com), a leading mobile imaging software solutions provider,
today announced the release of Mobile Photo Bill Pay™ 2.0 which makes bill
payment even faster and easier on a mobile device. The newest version of the
patented solution features a ground-breaking, touch free, automatic image
capture technology and a host of powerful analytic and performance features.
Most importantly, the new features of Mobile Photo Bill Pay 2.0 will increase
usability for both consumers and financial institutions.
A video accompanying this release is available at
New features include:
*Automatic image capture: Making more than 1,000 calculations per second,
Mitek MiSnap™ SDK is a patent-pending new technology that knows when all
conditions are optimal and automatically snaps photo of bill coupon. It
also provides real-time visual feedback to users in an intuitive and fun
way. MiSnap is twice as accurate as manual capture because it minimizes
human error, especially for first time users. This will ultimately
increase consumer satisfaction and adoption.
*Powerful business intelligence: Mobile Photo Bill Pay 2.0 provides mobile
imaging business intelligence which gives financial institutions insight
into their customers' behavior. Intelligence data includes device model,
OS, camera, performance and completion data, and image quality. With this
information, financial institutions can better assess user behavior for
improved decision making.
*Performance enhancements: Most credit card bill statements don't include
the entire account number. The new version of Mobile Photo Bill Pay reads
masked Visa® and Mastercard® account numbers for faster and more accurate
payments of credit card bills. The new version also automatically reads
barcodes for the United States Postal Service (USPS) which results in
faster address verification.
"With this new version of Mobile Photo Bill Pay, we're making it even easier
for end-users to pay bills with their smartphone camera and we're delivering
powerful new business intelligence information for financial institutions to
make better informed decisions about a key demographic – their mobile users,"
said Mitek CTO Mike Strange.
When looking at Mobile Photo Bill Pay, analysts and media report:
*Aite Group, an independent research and advisory firm focused on business,
technology, and regulatory issues and their impact on the financial
services industry, recently examined the ROI of Mobile Photo Bill Pay.
"During my analysis I found that by using Mobile Photo Bill Pay to capture
customers as bill payers, financial institutions can achieve three
quantifiable benefits: increased DDA balances, reduced churn, and new fees
from expedited payments," said David O'Connell, Senior Analyst.
*Consumer response to Mobile Photo Bill Pay has been overwhelmingly
positive. U.S. Bank reported that in a two-week timespan, the number of
their Mobile Photo BillPay users doubled. Additionally, the bank said,
"thousands of billers have been incorporated into the bank's biller
profiles via mobile, and 10 percent to 15 percent of billers that enter US
Bank's system now come via mobile."
*In a recent Forrester blog post by Analyst Peter Wannamacher,the analyst
used Mobile Photo Bill Pay and reported this: "Put simply, this is an
innovation that delivers: A customer can go from opening a bill he got in
the mail to enrolling a brand new payee to paying that bill in under 150
seconds (a.k.a. less than 2 minutes and 30 seconds). This is without
setting up any bill payment options in advance, or entering any
information manually – the mobile photo bill pay feature even corrects for
image distortion, reads relevant data and auto-populates all the
Mitek's Mobile Photo Bill Pay enables consumers to easily and securely pay a
bill with the snap of a smartphone or tablet camera. After a customer captures
an image 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. This revolutionary way to pay bills eliminates the need for
manual data entry, a checkbook or even a computer.
Mobile Photo Bill Pay 2.0 is currently available.The solution utilizes
Mitek's patented enterprise-class Mobile Imaging Platform and is available
on-premise or in a secure hosting environment for rapid deployment.
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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CONTACT: Mitek Contacts:
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