More Adopt Mobile Deposit

The hype is still booming, but mobile payments and banking seem to be taking some concrete steps this week toward wider adoption.

Earlier this week, Mitek announced that five of the nation’s 10 largest retail banks now use its flagship Mobile Deposit application. New adopters include Bank of America Corp. and Capital One Financial Corp., the nation’s No. 1 and 8 retail banks by assets, respectively. Some 40 banks now use Mobile Deposit, with 26 signed in the last quarter. Other clients include JPMorgan Chase & Co., U.S. Bancorp, and PayPal Inc.

In its earnings release for fiscal 2011’s second quarter ended March 31, Mitek said BofA and Capital One are adopting Mobile Deposit through one of the company’s channel partners, NCR Corp. Mitek’s software enables banks and credit unions to offer customers the ability to take pictures of checks on their smart phones and upload the images for deposit through online-banking applications.

“We continue to see an unprecedented level of interest in Mobile Deposit in our core banking channel and across the entire payments industry,” Mitek president and chief executive James B. DeBello said. “After success last year in partnering with the financial industry’s top solutions providers, 2011 is the year deployment of Mobile Deposit is hitting its stride.”

The smart phone is changing the way in which we live and the pace Mitek’s deals has accelerated.

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