Mitek Receives 16th Patent -- Mobile Balance Transfer Process

Mitek Receives 16th Patent -- Mobile Balance Transfer Process

San Diego County Credit Union Using Balance Transfer Solution to Provide
Better Banking Experience to Customers and Acquire New Credit Card Balances

SAN DIEGO, July 9, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK)
(, a leading mobile imaging software solutions provider,
today announced that it has been issued U.S. Patent No. 8,483,473, "SYSTEMS
U.S. Patent and Trademark Office. This, the company's 16th patent, describes
the process of capturing an image of a credit card statement and being
presented with organized, targeted offers to transfer the balance. The Mobile
Balance Transfer™ solution is currently in use at San Diego County Credit
Union and under consideration at numerous other institutions.

Consumers want a simple, mobile-friendly process to shop for a better credit
card rate and financial institutions need a new, cost effective means to
acquire new credit card customers or increase average balances for existing
customers leveraging the popular mobile channel.Mitek's Mobile Balance
Transfer solution achieves both of these goals.The consumer simply snaps a
photo of their current credit card statement coupon.Then, within seconds, the
Mitek imaging system processes the request and validates the data, allowing
the organization to quickly present options for transferring the existing
balance. Consumers in turn get a lower credit card rate and easily transfer
their existing balance to the new issuer and financial institutions increase
profitability by obtaining new credit card customers and higher balances from
existing customers.

"Mitek's Mobile Balance Transfer solution makes it possible for San Diego
County Credit Union customers to use their mobile phones to transfer their
credit card accounts from other financial institutions to an attractive,
low-rate SDCCU Visa credit card," said San Diego County Credit Union President
& CEO, Teresa Halleck. "This new app is just another way SDCCU is providing a
better banking experience to our customers on the go."

"Over the past three decades, Mitek has invested heavily to create the key
building blocks needed to perform Intelligent Mobile Imaging. These tools are
substantially different from classic optical character recognition methods,
which we have extended and expanded for use in mobile applications,"said
Mitek CTO, Michael Strange. "We are proud of this patent, and will continue to
work every day to package complex imaging technologies into simple solutions
that help organizations increase profitability by offering consumers superior
mobile user experience."

Mitek now has 16 patents and 22 applications pending. The technology behind
the Mobile Balance Transfer patent is similar to that used for Mobile Deposit®
and Mobile Photo Bill Pay®, all of which are part of Mitek's suite of
solutions for financial services.All solutions integrate Mitek's MiSnap SDK
for automatic image capture and utilize company's patented enterprise-class
Mobile Imaging Platform™.

About Mitek

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

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About San Diego County Credit Union

San Diego County Credit Union is San Diego's largest locally-owned financial
institution serving San Diego, Riverside and Orange counties. SDCCU has assets
of $6.2 billion, more than 246,000 customers, 31 convenient branch locations
and 30,000 surcharge-FREE ATMs. From FREE Checking with eStatements and SDCCU
Mobile Deposit, to home and auto loans, Visa credit cards, money market
accounts and business banking services, including commercial real estate
loans; SDCCU provides breakthrough banking products that meet the demands of
today's lifestyle and delivers banking services that save customers money.
Federally insured by NCUA and is an equal housing lender. For more
information, visit

CONTACT: Mitek Contacts:
         Ann Reichert
         Director of Marketing
         Sarah Schulz
         MIX Public Relations

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