US Bank is to use technology from Mitek to enable consumers to set up bill payments by simply snapping a picture of their paper bill using their camera-enabled smartphone or tablet.
Mitek's Mobile Photo Bill Pay product eliminates the need to manually enter biller and payment information, and allows the customer to make bill payments directly from their mobile device. US Bank will be the first top tier US financial institution to offer this service to customers in early 2013.
James DeBello, president and chief executive officer of Mitek Systems, says: "We believe that Mobile Photo Bill Pay is the next killer app for financial services, and we're delighted that US Bank is leading the mobile banking charge."
The app automatically extracts relevant information from the paper bill and auto-populates the fields required to make a mobile payment. The consumer then schedules the payment and clicks 'pay'.
Consumers can add a new payee to their online bill pay, pay one-time or non-recurring bills, and set up recurring bills and payments from anywhere using the service. DeBello says the ability to add a new payee with a mobile device is a key competitive advantage over existing mobile bill pay applications.