This is kind of cool.
You certainly remember Mitek, the recognition technology specialist that a few years ago dedicated its business to developing smart-phone-centric capture applications. Mitek's revenue certainly hasn't soared, but it's stock value has more than tripled since April, as the market for capturing and depositing checks with mobile phones continues to grow, or at least become more visible.
According to a recent article in American Banker on the San Diego-based ISV, "Mitek is upping the tech firm’s foothold in the burgeoning mobile RDC space by entering a number of OEM agreements, such as the one it recently inked with Fiserv....Mitek also recently signed OEM agreements with NCR, RDM, WAUSAU Financial Systems, DirectFED, and others that Mitek would not disclose. Additionally, the firm has signed deals with Clairmail, mFoundry and Monitise Americas. And a Mitek spokesperson says Bancorp Bank and Conestoga bank have announce deployments, with more bank signings expected to be announced in the near future.
The new bill pay product would apparently be marketed to similar types of organizations. Users would take a picture of their bills and then OCR/ICR would be performed to presumably populate a smart phone app, with the user keying in any data that could not be recognized. This informamtion would then be submitted to the bank to pay a bill. Very cool hybrid of electronic and traditional paper billing paying/banking and the perfect spot for imaging technology as a bridge to electronic transactions from the paper world.
Ralph
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13 comments:
A good example for useful mobile application. It is smart, little, easy to use and it saves time for the user.
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That would be convenient as long as the transaction is kept secure. That would always be the fear of the people when something revolutionary like this comes along. Especially with a Bill Pay App right? The worry is always whether the system can be compromised and payments don't get to the merchants or illegitimate payments get credited. I just got my iphone 4 unlocked and I am reminded of how people can easily circumvent security measures created by manufacturers and developers. Just my 2 cents worth.
Edward:
Interesting thought. I have heard much pushback in this regard yet. Really, I guess security concerns would apply to any sort of mobile-phone banking transcations, not just check deposits.
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Really looking for the launch of Mitek's mobile phone bill pay service, which allows users to pay bills using their mobile phones. Thanks for highlighting the potential benefits of this technology, including greater convenience and flexibility for users.
Great read! Mobile phone prices are such a hot topic nowadays, and it's fascinating to see how Mitek is revolutionizing bill pay through mobile phones. Can't wait to see how this technology continues to evolve.
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