UPCOMING EVENTS
WAUSAU Financial Systems, Mitek Systems Announce Agreement To Use Mobile Deposit For Mobile Remote Deposit Capture
07/14/2010
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Technology Allows Financial Institutions’ Customers to Deposit Personal or Business Checks via Smartphones
MOSINEE, Wis.—July 13, 2010—WAUSAU Financial Systems and Mitek Systems, Inc., an innovator of advanced-image analytics and mobile-document-capture applications for smartphones, today announced they have entered an OEM agreement enabling WAUSAU to offer Mitek’s mobile Remote Deposit Capture (RDC) capabilities to financial institutions nationwide.
With the integrated capabilities of Mitek’s Check 21-compliant Mobile Deposit® application and WAUSAU’s mobile RDC offering, financial institutions soon can provide their customers the ability to deposit either personal or business checks via camera-equipped smartphones, including iPhone, BlackBerry and devices on the Windows Mobile and Android platforms. Deployment of the application begins in September.
“With Mitek’s technology, we’re expanding our best-in-class RDC technology, making the solution more sophisticated and attractive for consumers and businesses alike,” said Kathy Strasser, executive vice president, Solution Management for WAUSAU Financial Systems. “Further, financial institutions will see the benefits as well, from the ability to offer cutting-edge services to customers and enhanced customer loyalty, to increased profits and significant cost savings.”
A highly secure, accurate and easy-to-use application, Mobile Deposit allows users to initiate mobile-deposit sessions, key in deposit amounts and simply snap photos of both sides of the checks with smartphone cameras. The Mitek software captures the check images and prepares them for transmission to the business’s receiving RDC solution.
Before transmitting, Mitek's IMagePROVE™ technology formats the check images, automatically corrects any image distortions or skewing, and confirms that the images meet accepted image-quality standards. After the checks are submitted successfully, users receive instant communications back from their banks, resulting in rapid access to funds or timely payments.
“Having an industry leader in remittance, RDC and image-capture technology like WAUSAU Financial Systems sign on to use our Mobile Deposit technology is tremendously important for us,” said Mitek CEO James DeBello. “We have worked very hard and invested a lot to develop an application that is easy to use, so it’s very satisfying to see that hard work appreciated by a leader the caliber of WAUSAU.”
A video demonstrating Mobile Deposit in use is available at http://www.miteksystems.com/OOMPH_MD_video.asp.
About WAUSAU Financial Systems
WAUSAU Financial Systems is a premier provider of payment and receivables processing solutions, helping businesses of all types move money faster. With its products, services and consulting, WFS works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WFS holds the No. 1 market share position in retail and wholesale remittance processing solutions. WFS processes more than $1 trillion in payments each year through its work with more than 650 organizations, and maintains more than 30 percent of all U.S. lockbox volume. The company works with 13 of the 25 largest financial institutions, 42 percent of insurance companies with more than 5 million customers and 24 percent of utilities with more than 100,000 customers. More than 200 financial institutions use WFS’ remote deposit capture service, and industry consultants Celent and Aite have ranked WFS’ remote capture functionality above all competitors. For more information, visit www.wausaufs.com.
About Mitek Systems
Mitek Systems (OTC: MITK.OB), an innovator of advanced image analytics and mobile document capture applications for smartphones, has created the Gold Standard for Mobile Check Deposit. 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.
OBSERVATIONS
Does Google’s Goggles offer an alternative approach to document and forms recognition?
It has been quite a while since there has been the introduction of a new recognition technology for business. Google Goggles may provide the opportunity. Take a look for yourself and give some considerations of how this application might be applied to a business application. If you are not familiar with Goggles visit http://www.google.com/mobile/goggles/#dc=gh0gg for a demonstration. Goggles is currently available for the Android platform. While scheduled for release on other platforms no dates have been set. ...
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