This is kind of cool.
You certainly remember Mitek, the recognition technology specialist that a few years ago dedicated its business to developing smart-phone-centric capture applications. Mitek’s revenue certainly hasn’t soared, but it’s stock value has more than tripled since April, as the market for capturing and depositing checks with mobile phones continues to grow, or at least become more visible.
According to a recent article in American Banker on the San Diego-based ISV, “Mitek is upping the tech firm’s foothold in the burgeoning mobile RDC space by entering a number of OEM agreements, such as the one it recently inked with Fiserv….Mitek also recently signed OEM agreements with NCR, RDM, WAUSAU Financial Systems, DirectFED, and others that Mitek would not disclose. Additionally, the firm has signed deals with Clairmail, mFoundry and Monitise Americas. And a Mitek spokesperson says Bancorp Bank and Conestoga bank have announce deployments, with more bank signings expected to be announced in the near future.
The new bill pay product would apparently be marketed to similar types of organizations. Users would take a picture of their bills and then OCR/ICR would be performed to presumably populate a smart phone app, with the user keying in any data that could not be recognized. This informamtion would then be submitted to the bank to pay a bill. Very cool hybrid of electronic and traditional paper billing paying/banking and the perfect spot for imaging technology as a bridge to electronic transactions from the paper world.