SALT LAKE CITY, March 3, 2010 (GLOBE NEWSWIRE) -- NetDeposit (www.netdeposit.com), a leading provider of distributed-check-capture solutions, and Mitek Systems, Inc. (OTCBB:MITK) (www.miteksystems.com), an innovator of advanced-image analytics and mobile-document-capture applications for smartphones, today announced an agreement that enables NetDeposit to provide mobile deposit capabilities to its financial institution customers. Under the agreement, NetDeposit will integrate the capabilities of Mitek's Mobile Deposit® application into its NetCapture suite of remote deposit capture (RDC) solutions. As a result, NetDeposit's financial institution clients will now be able to provide their business and consumer customers with the ability to deposit checks using smartphones.
To use the application is simple. To deposit a check, the user will launch the NetCapture application on their phone. They will then key in the deposit amount and snap a photo of both the front and back of the check with their camera phone. The software captures the check image and prepares it for transmission to the financial institution. The user then transmits the deposit from their phone to the financial institution where it is received and processed for deposit. NetCapture's capture, back end receiving and processing solution, combined with Mitek's Mobile Deposit® technology will extend mobile capture and deposit capabilities to millions of consumers who use camera-equipped smartphones.
Before transmitting the check, Mitek's IMagePROVE™ technology formats the image, correcting any distortions or skewing, and confirms that it meets accepted standards. This is all done automatically for the user via Mitek's Mobile Deposit technology that supports the payment's industry standards for RDC.
"Enabling our RDC capabilities for the mobile marketplace is a natural extension of our core competencies," said Danne Buchanan, CEO of NetDeposit. "We can now provide our financial institution customers with the best technology, a superior user experience and extend the value of their investment with us as their RDC partner through the integration of Mitek's Mobile Deposit technology. This agreement with market leading Mitek, allows financial institutions to immediately begin enabling the acceptance of check deposits by their customers using any smartphone."
"We are very excited to partner with NetDeposit to make mobile check depositing a reality for its financial institution clients and their customers," said Jim DeBello, president and CEO, Mitek Systems, Inc. "Our focus is to be 'the gold standard' in providing millions of smartphone users with mobile-banking solutions that take advantage of their phones' capabilities, by making them easy to use, and absolutely accurate. By combining the strengths of Mitek's Mobile Deposit with NetDeposit's proven leadership in remote deposit capture, financial institutions can be assured that their decision to use NetDeposit as their mobile solution is the correct one."
NetCapture solutions are currently in use by a number of large cash-management banks, leading regional banks and community financial institutions in the United States. With more than 35,000 RDC seats deployed, NetDeposit delivers value to banks, credit unions, processors, and their customers by providing proven payment technologies. With multiple patents for remote deposit capture and the experience of processing billions of checks, NetDeposit's products and service solutions are tailored to the unique needs of each financial institution it serves.
Mitek Mobile's patented image analytics and intelligent character recognition (ICR) technology platform transforms any camera-equipped cell phone into a mobile document scanner with the ability to enhance, extract and read data from any document captured by a cell phone camera.
Mitek Mobile's platform helps financial institutions differentiate themselves by incorporating mobile deposit and other advanced imaging capabilities into their interactive services. Additionally, Mitek Mobile provides business users with applications for faxing, recording expense receipts and depositing checks directly into bank accounts – all available on the leading mobile platforms.
About NetDeposit
NetDeposit leads the revolution in payment technologies, which support paper to image processing, distributed capture, and electronic clearing. With multiple patents and billions of checks processed, NetDeposit's products and services include remote deposit capture, branch capture, image cash letter processing, and check clearing.
NetDeposit, LLC, is a subsidiary of Zions Bancorporation (Nasdaq:ZION).
For information call (801) 716-4800, email pressrelations@netdeposit.com or visit www.netdeposit.com.
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About Mitek Systems
Mitek Systems (OTCBB:MITK) is an innovator of advanced image analytics and mobile document capture applications for smartphones. For more than 20 years, the Company has developed a comprehensive suite of intelligent character recognition software used to test, clean, authenticate and extract data from imaged checks, documents and objects, and its software is used to process more than 10 billion items per year. For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.
NetDeposit and NetCapture are registered trademarks of NetDeposit, LLC. Mitek Systems, Mobile Deposit and IMagePROVE are trademarks and registered trademarks of Mitek Systems, Inc. All other trademarks and/or registered trademarks are property of their respective owners.