SAN DIEGO – February 21, 2013 – 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 http://www.miteksystems.com. MITK-G
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