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Mitek Systems to Demonstrate Mobile Check Cashing for Millions of Underbanked at FinovateSpring 2012

Tuesday, May 8, 2012 7:00 AM


Technology Enables People to Snap Photos of Checks Using Their Smartphone to Cash a Check and Load a Pre-Paid Card Anytime, Anywhere

SAN DIEGO, May 8, 2012 (GLOBE NEWSWIRE) -- Mitek Systems, Inc., (Nasdaq:MITK) (www.miteksystems.com), a leading mobile imaging software solutions provider, announced that it will demonstrate mobile check cashing and pre-paid card funding for the more than 60 million of "underbanked" Americans today at FinovateSpring 2012 in San Francisco. Based on Mitek's patented and commercially available Mobile Deposit® software platform, this technology offers a convenient alternative for the growing population that has traditionally relied on costly neighborhood check cashing facilities to cash checks.

The "unbanked" and "underbanked" market is large and growing. According to a CFSI study, there are 60 million underbanked individuals in the U.S. Those without access to traditional bank accounts are often forced to pay excessive fees for basic financial services.

"Mitek's technology can free unbanked, underbanked and "unhappily banked" individuals from the confines and sometimes predatory practices of check cashing facilities, and enable people to quickly and easily cash checks and load their pre-paid cards using their smartphones," said James DeBello, president and CEO of Mitek Systems. "At Finovate, we are demonstrating a mobile check cashing solution for the millions of underserved people in this market based on our proven Mobile Deposit software in use today by many of the top U.S. banks."

Mitek Makes Mobile Check Cashing Easy

Cashing a check and loading a prepaid card is simple and will take less than one minute:

  • The consumer downloads a Mitek-enabled app from their prepaid card provider through an app store.
  • The consumer simply snaps a picture of the front of the check, the back of the check, and then their driver's license for identity verification.
  • The consumer then confirms the transaction and the funds are loaded onto the prepaid card. It's that simple.

"The underbanked market deserves a better solution than standing in long lines at inconvenient times and paying exorbitant fees just to cash a paycheck. Using our patented imaging technology, Mitek and its partners can help people cash their checks easily, accurately and conveniently from wherever they are. These are just a few of the many ways we believe our mobile imaging products can improve the everyday lives of consumers," added DeBello.

Mitek's mobile check cashing for prepaid card loading demonstration is scheduled for 11:50 a.m. today, May 8th at FinovateSpring 2012, which is being held at the San Francisco Design Center Concourse. The Mitek System's team will be available in the networking area to speak with attendees from 8:00 – 6:00.

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 www.miteksystems.com.

© 2012 Mitek Systems. All rights reserved. The Mitek Systems name and logo and Mobile Deposit® are registered trademarks of Mitek Systems, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.

CONTACT: Investor Relations:
         Julie Cunningham
         858.309.1780
         ir@miteksystems.com
         
         Media Relations Contact:
         Sarah Schulz
         miteksystems@mix-pr.com

(Source: PrimeZone )
(Source: Quotemedia)

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