SAN DIEGO, CA and Orlando, FL – December 11, 2013 – Mitek (NASDAQ: MITK, www.miteksystems.com), the leading innovator of mobile imaging for financial transactions, and Kony, Inc., a leading enterprise mobility company, today announced a collaborative agreement to deliver Mitek’s Mobile Photo Bill Pay solution. The agreement includes Mitek MiSnap™, a touch free mobile capture experience that provides real-time feedback to users until a suitable image is detected, and then automatically captures the image.
This collaboration will streamline the delivery and implementation of mobile photo bill payment, extending Mitek’s distribution reach while leveraging Kony’s expertise in mobile solution integration. Mobile Photo Bill Pay for financial institutions enables bill payment by automatically extracting relevant data from a photo of a paper bill coupon and auto-populating the fields of the mobile bill pay app. The same solution enables no login bill pay for large organizations such as telecoms, utilities, credit card companies, healthcare and other B2C service providers. For this use case, the consumer takes a photo of bill coupon without having to login to facilitate a direct payment.
The market demand for this solution is validated in a recent Javelin Strategy & Research report, How Mobile Can Open the Door to $2.1 Trillion in Bill Payments. The report indicated that 42% of consumers who have used mobile banking in the past 90 days express a desire to use mobile photo bill pay. Comparable numbers of mobile-banking customers desire to add a payee to online bill payment by photographing a bill.
“Our collaboration with Mitek ensures that we can deliver a photo bill payment solution that is truly optimized for our award-winning mobile application platform,” said Sriram Ramanathan, CTO at Kony Inc. “This integrated, end-to-end solution will be easy for organizations to implement so they can quickly capitalize consumer demand for mobile bill pay.”
“Mitek’s patented solution is the first mobile photo bill pay solution in the market. We are seeing it drive adoption of mobile banking and bill pay,” said James B. DeBello, president and CEO of Mitek. “Our customers report as much as a 20 percent increase in overall mobile banking logins and a 33 percent increase in bill pay adoption in 25 to 34 year-olds within a few months after deployment.”
This is the first phase of an ongoing strategic relationship between Mitek and Kony which contemplates using other Mitek mobile imaging solutions for healthcare, telecommunications, insurance, utilities, retail and other industries.
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About Mitek
Headquartered in San Diego, CA, Mitek (NASDAQ: MITK) is the leading innovator of mobile imaging for financial transactions. Mitek’s patented mobile photo technology automatically captures images of personal and financial documents and then extracts relevant data. This enables consumers to use the Camera as a Keyboard™ to reduce friction for mobile check deposit, account opening, bill payment, insurance quoting, and many other use cases. This innovative technology is licensed by more than 1,000 organizations and used by tens of millions of consumers enabling increased customer acquisition, retention and operational efficiency. www.miteksystems.com
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About Kony
Kony is the fastest growing cloud-based mobile application development platform (MADP) in the industry with over 600 live multi-channel apps, serving over 20 million end users across 45 countries. The Kony Experience Platform is an integrated software development lifecycle (SDLC) platform to define, design, develop, test, deploy, and manage multi-channel applications from a single code base. With Kony, you can deliver stunning user-first experiences, get to market faster, and lower your application TCO. Kony also offers a suite of more than 30 ready-to-run B2E and B2C apps that enable customers to quickly extend their business.
In 2013 Kony was named a “Leader” in the Gartner Magic Quadrant for Mobile Application Development Platforms (MADP). For more information, please visit www.kony.com. Connect with Kony on Twitter, Facebook, and LinkedIn.