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Mitek Receives 16th Patent -- Mobile Balance Transfer Process

Stocks in this article: MITK

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."

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