Momentum for Flagship Mobile Payments Product Accelerate

Earlier today, Mitek Systems Inc., announced that with their channel partners, they have managed to sign 26 new agreements with banks, credit unions and other financial institutions and including two more of the nation’s top 10 retail banks to deploy its leading mobile remote deposit capture (RDC) application, Mobile Deposit®, during its second quarter, which ended March 31.

These recent agreements are great illustrations of the rapid growth and adoption of Mobile Remote Check Deposit, specifically, Mobile Deposit®. During its first fiscal quarter, ending December 31, 2010, 10 major banks and credit unions — including three of the top 10 retail banks by assets in the United States signed agreements to integrate and launch Mobile Deposit into the mobile-banking choices they offer their customers. The deployment agreements reached in the last six months now total 36.

“More than ever before, banks and credit unions are realizing that offering their customers a mobile check-deposit capability is a competitive imperative as they respond to consumers’ growing appetite for mobile-banking options on their smart phones,” said Mitek President and CEO James B. DeBello.

“Retail banking is so competitive these days that banks and credit unions see mobile check deposit as a must-have differentiator, leaving those who don’t yet have comparable apps scrambling to catch up,” DeBello said. ”These competitive dynamics are accelerating demand for our products.”

Mitek’s patented Mobile Deposit takes advantage of the cameras that come standard with devices such as iPhone, BlackBerry and Google Android handhelds. To deposit funds into online accounts anywhere, anytime, consumers use their smart phones to snap photos to deposit checks. The app does the rest, delivering electronic images of the checks to financial institutions in the required format.

Throughout 2010, Mitek succeeded in forging distribution partnerships for Mobile Deposit with all leading technology solutions integrators and applications services providers that supply banks, credit unions and other organizations with bundled technology solutions. That widespread acceptance gained Mitek recognition as the “Gold Standard” in mobile check deposit using smart phone cameras. Mitek’s Mobile Deposit delivers a superior consumer experience for users, who simply point, shoot and deposit any check with a single try. The app is accurate, secure, easy to use and convenient in giving consumers an alternative to visiting bank branches or ATMs to make deposits. It complies with all financial industry regulations and is most often offered under financial institutions’ “white label” brands.

The app stems from Mitek’s intellectual property portfolio of patents covering the company’s core expertise in analyzing, reading, capturing, converting and processing digital images of all pertinent data extracted from checks and other financial documents. Mitek applies that same expertise to other applications for the financial services industry, including Mobile Photo Bill Bay™ and Mobile ACH Enrollment™.

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