Continuing to expand consumer options for convenience in mobile banking, Mitek Systems Inc., today rolled out another innovative application for mobile payments companies which offers consumers the most convenient way to enroll their checking accounts.
The company said its Mitek Mobile ACH Enrollment™ solution allows mobile-payment companies to help consumers enroll their checking accounts as funding sources for mobile payments with a simple "Point, Shoot, Enrolled!" solution that requires only that consumers snap photos of blank checks with their smart phone cameras. Mitek's application captures all the information needed for enrolling their accounts.
Today, consumers connect their checking accounts to their mobile-payment solutions by typing in a complex set of numbers shown on their checks via their smart phone keypads. These strings of numbers often confuse and frustrate consumers to the point that they either abandon their attempted mobile transactions or enter the digits incorrectly.
However, by having consumers snap photos of their checks, Mitek's patented technology eliminates confusion and frustration by capturing and passing on all relevant checking account information that the payment company needs to connect its payment solution to the consumers' checking accounts.
The product name is derived from the widely used Automated Clearing House (ACH) function in financial transactions. ACH processes large volumes of credit and debit transactions, which in 2010 totaled nearly 19 billion transactions valued at more than $29 trillion.
Mitek Mobile ACH Enrollment joins Mitek's flagship Mobile Deposit®, Mobile Photo Bill Pay™ and Mobile Receipt® applications that all capitalize on the company's core competency - the patented ability to securely and accurately detect, capture, analyze, enhance and process digital information gathered via the smart phone camera.
"By eliminating keystrokes, our new Mobile ACH Enrollment solution reduces consumers' anxieties about enrolling their checking accounts with mobile payments providers," said Mitek President and CEO James B. DeBello. "They no longer have to worry about entering each character in the proper sequence because they can let their smart phone camerae cameras do all that.
"We're turning our many years of experience in extracting critical data from check images and our patented intellectual property expertise into a platform of innovative applications for the mobile banking environment," added DeBello. "The Mobile ACH Enrollment product is the first in a series of enrollment solutions enabled by our mobile imaging platform. Our customers who supply technology solutions to the financial services industry continue turning to Mitek for help in addressing industry problems. We're happy to oblige."