News

Mitek chalks up 2B mobile check deposits

March 20, 2018

Mitek, a provider of mobile capture and identity verification software, has announced that its Mobile Deposit solution has to date processed more than 2 billion check deposits with approximately $1.5 trillion in value.

"Just 18 short months after Mobile Deposit surpassed the 1 billion mobile check deposits milestone, we have already processed another billion checks," Michael Diamond, Mitek senior vice president and general manager for payments, said in a press release. "More than 80 million consumers use Mobile Deposit because they love the convenience of the digital channel for check deposit, and more than 6,100 U.S. financial institutions use Mobile Deposit for billions saved in operating costs."

In fact, Mitek estimates that since its creation, Mobile Deposit has saved banks an estimated $5 billion in operating costs. Additionally, the press release said, it has saved consumers more than 830 million hours and kept an estimated 11 million tons of carbon dioxide out of the atmosphere by eliminating the need for people to drive to the bank to deposit a check.

Mobile Deposit has been used predominately in retail banking, but is increasingly being used by small businesses and charitable organizations, the company said.