| Software lets camera phone users deposit checks, pay bills |
Jan. 29, 2008
 Mitek Systems has announced software it says banks can adopt to let customers deposit paper checks or pay bills via their Windows Mobile phones. "ImageNet Mobile Deposit" uses a device's camera to photograph an item, then uses the data for a secure electronic transaction, Mitek says.
To use the software, customers will first download a branded version of ImageNet Mobile Deposit to their camera-equipped phones from a bank's website. To make a deposit, a user will initiate a mobile banking session, key in the amount, then snap a photo of the front and back of the check. The software captures the images, then recognizes and extracts the check’s Courtesy Amount and Legal Amount (CAR/LAR), Mitek says.
Paying paper bills follows a similar approach. A user snaps a photo of the payment coupon, keying in the payment amount and desired payment date. ImageNet Mobile Deposit then automatically extracts payment data and delivers it to the bank. Deposits or bill payments are confirmed via text messages, adds Mitek.
Electronic deposit of paper checks will be a novelty to many customers, who may also have security concerns. Such concerns may be allayed in part by noting that the ImageNet software complies with "Check 21."
Officially known as the Check Clearing for the 21st Century Act, Check 21 is a U.S. federal law that became effective in October 2004. It allows the creation of a digital version of a paper check, and states that banks can process checks electronically, provided all the information is captured accurately from the original check.
ImageNet Mobile Deposit meets or exceeds Check 21 standards, claims Mitek, first by verifying that a captured image is of adequate quality, and then by analyzing signatures using the company's patented Secure Code validation technology, "optimized for accuracy and speed over a wireless network." Meanwhile, a special OCR engine validates the Magnetic Ink Character Recognition (MICR) font-based information printed on checks, according to the company.
Mitek says its underlying ImageNet technology is already in use in dedicated remote deposit installations offered by RDM Corporation, RemitPro, and a variety of other hardware and software partners. Commercial installations of remote deposit workstations will grow from 245,000 in 2007 to 785,000 this year, according to data from the analyst firm Celent, quoted in Mitek's release.
Bob Meara, senior analyst at Celent, said, "Remote deposit technology is proven and is enjoying accelerating adoption, but the hardware cost makes it a non-starter for consumers. Mitek Systems makes remote deposit technology affordable and ubiquitous using camera-equipped mobile phones."
Availability
Mitek said it will be demonstrating ImageNet Mobile Deposit at BAI-Transpay, a Feb. 5 tradeshow targeted at the banking industry. While no specific timetable was provided, the software -- which will run on any Windows Mobile phone whose cameras deliver two megapixels or better -- could be made available by banks later this year.
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