News

Mitek Systems, mFoundry demo mobile deposits for banks

March 4, 2009

SAN DIEGO — Mitek Systems Inc., provider of image analytics and mobile-document-capture software, and mFoundry, provider of mobile-banking and payments solutions, have introduced an application for mobile-banking deposits on an iPhone.

Using Mitek's ImageNet Mobile Deposit capabilities and the mFoundry mobile-banking application, the two demonstrated the new application for the iPhone during the BAI TransPay show in San Diego last month.   According to a news release, Mitek's ImageNet Mobile Deposit allows checks to be deposited from an enduser's camera-equipped mobile phone, giving financial institutions the ability to provide accountholders with convenience and faster availability of and to funds. The mFoundry mobile banking platform provides easy access to account information, funds transfers, bill payments and branch or ATM locations. 

The demonstration, Mitek and mFoundry say, is the first fully featured mobile-banking application with check-deposit capabilities.

"Check deposits are often the only reason consumers go to their bank branch," said Drew Sievers, chief executive and co-founder of mFoundry. "By adding mobile deposit to our iPhone mobile-banking functionality, financial institutions can save money by avoiding the paper-item-processing costs, while at the same time offer customers convenience and save them time."

Users begin a session in the mFoundry mobile-banking application, key in the deposit amount, and snap a photo of the front and back of the check. The check images are conformed to Check 21 standards and transmitted securely over a wireless network to the bank as a remote deposit.

"Offering ImageNet Mobile Deposit with mFoundry's mobile banking application demonstrates the power and convenience of the next generation of mobile banking and payments," said James DeBello, president and chief executive of Mitek Systems. "It provides another compelling reason for customers to adopt mobile banking as their preferred way to interact with their financial institution."