Hyped as the solution that will enable millions of US consumers
to enter the world of remote cheque deposits, image analytic
technology vendor Mitek Systems has launched ImageNet Mobile
Deposit (IMD), the first application to harnesses the capabilities
of camera-equipped mobile phones.
“Currently, mobile banking customers can check balances, pay
electronic bills and transfer funds, ImageNet Mobile Deposit is the
next logical component in the electronic wallet,” said Mitek’s CEO
James DeBello.
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According to Mitek IMD works with virtually all mobile phones
equipped with a two-megapixel camera running on Microsoft Windows
Mobile or the Symbian operating system. IMD has also been designed
to be integrated into existing remote deposit capture or mobile
banking platforms.
To make a cheque deposit using an IMD-equipped mobile phone, the
user initiates a mobile banking session, keys in the deposit
amount, and takes photographs of the front and back of the cheque.
The software captures the images and recognises and extracts the
cheque’s amount in words and figures and verifies that the cheque
meets legal image quality standards. Once the bank’s system
receives the deposit it sends the customer a confirmation text
message.
The IMD application also facilitates the payment of bills in a
similar fashion to remote cheque deposits. The user photographs the
payment coupon, keys the payment amount and specifies payment date.
The application automatically extracts payment data and delivers it
to the bank. Once the bank’s system receives the deposit, it also
sends the customer a confirmation text message.
Mitek’s IMD received a positive response from payments
consultancy Celent. “Remote deposit technology is proven and is
enjoying accelerating adoption, but the hardware cost makes it a
non-starter for consumers,” said Bob Meara, a senior analyst at
Celent. “Mitek Systems makes remote deposit technology affordable
and ubiquitous using camera-equipped mobile phones. This will help
banks retain existing customers and compete for new customers, even
when they don’t have a comparable branch footprint.”
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By GlobalDataNo newcomer to the cheque-processing market, Mitek’s
authentication systems are used in the processing of about a third
of the approximately 30 billion cheques written in the US each
year.
Mitek is no doubt be hoping that IMD will provide its business
with new impetus after the past several years of dismal performance
that has seen sales fall from $6.6 million in the year to 30
September 2005 to $5.6 million in fiscal 2007. Profits have also
proved illusive with Mitek registering net losses of $384,000 in
2007, $716,000 in 2006, $1 million in 2005 and $3.5 million in
2004. The company’s share price has also slumped, falling from
$1.75 per share in early 2006 to about $0.40 per share at
present.
