109 Financial Institutions Now Live With Mobile Deposit, 333
SAN DIEGO, May 21, 2012 (GLOBE NEWSWIRE) -- Mitek Systems, Inc.,
(Nasdaq:MITK) (www.miteksystems.com), a leading mobile imaging software
solutions provider, today announced that approximately $10 billion in
mobile deposits have been enabled by Mitek's mobile imaging technology.
Mobile Deposit(R) is Mitek's mobile remote deposit capture (RDC)
solution that enables consumers and businesses to make deposits by
snapping photos of checks using camera-enabled smartphones and tablets.
The growing adoption of Mitek's technology is also evident in the
transaction volume, which increased more than 143 percent during the
six-month period ending December 2011.
"Hitting the $10 billion deposit milestone is an exciting proof point
in the value and growth of Mobile Deposit, particularly given that just
a few short years ago some were questioning if this technology would
take off," said Mitek Systems' President and CEO, James DeBello. "We
now have agreements signed with 333 financial institutions through our
partners, including eight of the top eight U.S. banks ranked by asset
size, who are using Mobile Deposit as a cornerstone of their mobile
In a recent press release, ING DIRECT reported that for direct banking,
remote deposit capture "is the next innovative trend." Additionally, in
a commissioned survey designed to uncover consumers' checking
preferences, ING DIRECT found that, "about a third (32 percent) of
Americans who have never used remote deposit capture said they would
use the technology in the future when it became available."
Mitek Systems President and CEO Jim DeBello will present, "Mobile
Imaging: The Strategic Imperative", at the NetFinance conference Mobile
Channel Focus Day on Monday, May 21, 2012 from 2:20 -- 2:40 p.m.
NetFinance, a conference for e-commerce and marketing executives in
financial services, is being held at the Sheraton Wildhorse Pass,
Chandler, Ariz., May 21 --23, 2012. Mitek Systems will also be
demonstrating Mobile Deposit and Mobile Photo Bill Pay in booth number
24 during exhibit hours.
Mitek's Mobile Deposit technology is used by hundreds of financial
institutions to enable seamless, secure and fast mobile deposits for
their customers. Mitek's patented imaging technology solves the
difficult challenges presented with remote deposit capture including
the automatic correction of photographic and physical problems, such as
photos of checks that may be wrinkled, skewed, distorted, or taken
under poor lighting conditions. Mitek's technology creates industry
compliant images for downstream bank processing.
About Mitek Systems
Headquartered in San Diego, Calif., 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 www.miteksystems.com.
Statements contained in this news release relating to the Company's or
management's intentions, hopes, beliefs, expectations or predictions of
the future, including, but not limited to, statements relating to the
Company's long-term prospects, market opportunities beyond financial
services, expansion of product offerings, and the pursuit of
partnerships in new market segments are forward-looking statements.
Such forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to, risks that the Company
will not be able to withstand negative conditions in the global
economy, a lack of demand for or market acceptance of the Company's
products, the Company's ability to continue to develop, produce and
introduce innovative new products in a timely manner or the outcome of
any pending or threatened litigation and the timing of the launch of
Mobile Deposit by the Company's signed customers. Additional risks and
uncertainties faced by the Company are contained from time to time in
the Company's filings with the U.S. Securities and Exchange Commission
("SEC"), including, but not limited to, the Company's Annual Report on
Form 10-K for the fiscal year September 30, 2011 and its quarterly
reports on Form 10-Q and current reports on Form 8-K, which you may
obtain for free on the SEC's website at www.sec.gov. Collectively,
these risks and uncertainties could cause the Company's actual results
to differ materially from those projected in its forward-looking
statements and you are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The
Company disclaims any intention or obligation to update, amend or
clarify these forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
(C) 2012 Mitek Systems. All rights reserved. The Mitek Systems name and
logo and Mobile Deposit(R) are registered trademarks of Mitek Systems,
Inc. Other product or service names mentioned herein are the trademarks
of their respective owners.
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