10 Reasons Why Mitek's Mobile Deposit®

is the Gold Standard for Remote Check Deposit

1.     A proven ability to process high volumes of check images

With over 1.5 billion transactions processed totaling over $1 trillion in deposits for U.S. financial institutions, Mitek’s Mobile Deposit solution has become the de facto industry standard for remote check deposit in the digital channels.

2.     Deep integration with financial institutions’ systems for scalable and reliable high volume operations

Mitek’s Mobile Deposit doesn’t just process mobile check images – it connects to a mission-critical ecosystem that each financial institution has for their deposits. We process millions of transactions every day and analyze a check’s compliance with federal requirements as well as financial institution business rules, all in real time.

3.     Best-in-class auto-capture technology to meet ever-demanding consumers’ and business’ needs

Mitek’s MiSnap is embedded in the mobile banking apps of over 80 million U.S. consumers, is used by the largest financial institutions in the U.S., is constantly updated to support new mobile OS versions, and excels in varying light conditions (shadow, glare) and busy backgrounds (checks on a granite countertop, for instance). It even has a “multi-check” version for business customers to “batch” multiple checks during a single session. It is the best and most rigorously tested auto-capture technology in the financial services market.

4.     Real-time customer feedback

MiSnap doesn’t just capture the front and back of check images – it is highly intelligent and can guide users to capturing good images with real-time messages. Automated feedback directions such as “Move closer”, “More light”, and others help customers get a great image and provide a magical experience.

5.     The ability to properly process Harland-Clarke 'photo-safe' checks

Billions of the checks in circulation are printed by Harland-Clarke with a particular ‘photo safe’ icon on the front, which initiates a need for more advanced science algorithms to verify front/back matching and deliver the added assurance financial institutions are expecting with those checks. Only Mitek supports this important industry feature.

6.     Advanced accuracy algorithms to minimize false positives and mitigate risk

One of the several reasons why Mitek is THE mobile deposit company is that we have exacted the science to capture a high-quality digital image of a check in various lighting/environmental conditions. Through our constant development and process perfection, our computer vision technology goes far beyond just extracting information from the check; we use proprietary algorithms to dynamically analyze multiple image inputs and reconcile the results in a programmatic way, enabling financial institutions to deliver a service that minimizes false positives.

7.     Unique patent portfolio to accelerate digital transformation

Mitek’s advanced science is built upon years of development and billions of actual checks. Mitek’s solid patent portfolio is a result of over 20 years of innovation. (33 patents issued and 18 pending.) Mitek has ensured that this innovation is available to financial institutions and their customers with world-class productization and regular releases. The latest generation is the 23rd new release since Mitek invented Mobile Deposit.

8.     Proprietary programmatic solution for dynamic endorsement requirements and check risk assessment

Mitek’s recent releases provide financial institutions with the ability to create restrictive endorsement phrases for the endorsement section of the check. This technological advancement not only enables financial institutions to generate new phrases real-time, allowing them to recognize if the phrase is appropriately displayed but also helps deliver a powerful analytic tool to evaluate the risk a specific check presents. It protects banks as Regulation CC evolves.

9.     A demonstrated ability to handle 'edge' cases

Mitek and our partners have learned that many issues crop up during mobile deposits. The reason why a customer is able to successfully deposit a check while riding on a bus, or in uneven light conditions, or when the check is placed on a granite countertop, is a result of finely-tuned science developed over years. No company without the ‘real-world’ experience of Mitek would be capable of anticipating these issues and enabling financial institutions to deliver a great user experience despite hundreds of challenges that happen in the real world.

10.  The ability to withstand financial institution expectations for vendor stability

Mitek is a public company (NASDAQ: MITK) with a strong balance sheet. In an era where banks are held accountable by regulators for the health of their vendors; Mitek is a solid partner that gives customers and partners confidence that our company and technology will be here not only tomorrow but also next year and beyond.