SAN DIEGO, Oct. 23, 2012 (GLOBE NEWSWIRE) -- Mitek Systems (Nasdaq:MITK) (www.miteksystems.com), a leading mobile imaging software solutions provider, today announced that the company's mobile imaging platform is driving the success of more than 20 prepaid card initiatives from some of the most innovative banks, large retailers and telcos by making the process of loading prepaid cards simple and easy. While prepaid cards are not a new concept in financial services, Mitek's mobile imaging technology solves many of the pain points associated with opening and reloading a prepaid account.
Prepaid cards are going mainstream with offerings from some of the top banks and retailers looking to tap into the millions of Americans interested in alternatives to traditional financial services. Mitek's innovative mobile imaging technology is powering these initiatives and fueling adoption of prepaid cards, including those recently announced by a leading retailer and tax preparation company. In fact, Mercator Advisory Group predicts that by 2013, consumers will load $117 billion onto prepaid cards, a 200 percent usage increase in just three years.
Mitek's Mobile Deposit® product solves the critical challenges of prepaid cards by allowing consumers to use their smartphone or tablet camera to instantly set-up, fund or reload the card. Once authenticated, the consumer can simply take a picture of the front and back of a check to load the prepaid card and get ready access to their funds.
In a recent blog post, "When opposites attract: American Express and Walmart Let Bluebird Fly," Aite Group Analyst Madeline Aufseeser commented, "The big players are investing heavily in this market at a time when consumer bank sentiment is hovering around all-time lows. As more consumers seek cheaper banking services, the GPR prepaid market will continue to grow. Large companies with big brands are now taking advantage of the opportunity. Players such as American Express, PayPal, and JPMorgan Chase have joined the fray and launched products in just the last six months." Mitek's mobile imaging technology powers all of the examples Aufseeser mentions in her blog post.
President and CEO, James DeBello will highlight how Mitek is enabling the success of the prepaid card trend and other innovations in mobile financial services when he speaks at Money2020 today in Las Vegas.
"Money2020 is all about innovation and emerging payments, so there is no better place to talk about the more than 20 prepaid initiatives Mitek is currently behind," said DeBello. "Mitek's proven Mobile Deposit technology is the gold standard in RDC technology, and is already in use at hundreds of financial institutions around the country delivering an easy and convenient way for bank customers to deposit checks using their smartphone cameras. Now, with many of the prepaid initiatives backed by Mitek's technology, millions of Americans who don't use traditional banking institutions will have access to the same convenience without having to visit a bank or ATM to add funds to the card. Mitek's Mobile Deposit product enables prepaid card users to load their card from anywhere, at anytime with a few snaps of their smartphone camera."
As smartphone use continues to grow, the ability for people to conduct mobile transactions will be critical to the success of banks, insurance companies, retailers and more. Mitek's imaging technology is powering this innovation and the future of mobile transactions, including everything from depositing checks to paying bills, funding pre-paid cards, shopping for an insurance quote and a better credit card rate and more.
About Mitek Systems
Headquartered in San Diego, CA., 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 http://www.miteksystems.com.
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