This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Mitek Receives 16th Patent -- Mobile Balance Transfer Process

SAN DIEGO, July 9, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK) ( www.miteksystems.com ), a leading mobile imaging software solutions provider, today announced that it has been issued U.S. Patent No. 8,483,473, "SYSTEMS AND METHODS FOR OBTAINING FINANCIAL OFFERS USING MOBILE IMAGE CAPTURE," by the U.S. Patent and Trademark Office. This, the company's 16th patent, describes the process of capturing an image of a credit card statement and being presented with organized, targeted offers to transfer the balance. The Mobile Balance Transferâ„¢ solution is currently in use at San Diego County Credit Union and under consideration at numerous other institutions. 

Consumers want a simple, mobile-friendly process to shop for a better credit card rate and financial institutions need a new, cost effective means to acquire new credit card customers or increase average balances for existing customers leveraging the popular mobile channel. Mitek's Mobile Balance Transfer solution achieves both of these goals. The consumer simply snaps a photo of their current credit card statement coupon. Then, within seconds, the Mitek imaging system processes the request and validates the data, allowing the organization to quickly present options for transferring the existing balance. Consumers in turn get a lower credit card rate and easily transfer their existing balance to the new issuer and financial institutions increase profitability by obtaining new credit card customers and higher balances from existing customers. 

"Mitek's Mobile Balance Transfer solution makes it possible for San Diego County Credit Union customers to use their mobile phones to transfer their credit card accounts from other financial institutions to an attractive, low-rate SDCCU Visa credit card," said San Diego County Credit Union President & CEO, Teresa Halleck. "This new app is just another way SDCCU is providing a better banking experience to our customers on the go."

"Over the past three decades, Mitek has invested heavily to create the key building blocks needed to perform Intelligent Mobile Imaging. These tools are substantially different from classic optical character recognition methods, which we have extended and expanded for use in mobile applications," said Mitek CTO, Michael Strange. "We are proud of this patent, and will continue to work every day to package complex imaging technologies into simple solutions that help organizations increase profitability by offering consumers superior mobile user experience."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs