Mitek Granted New Patent For Its Mobile Photo Bill Pay Capabilities

SAN DIEGO, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Mitek Systems (Nasdaq:MITK) ( ), a leading mobile imaging software solutions provider, today announced that it has been issued U.S. Patent No. 8,379,914, " Systems and Methods for Mobile Image Capture and Remittance Processing," by the U.S. Patent and Trademark Office. The "'914" patent is related to the use of Mitek's mobile imaging technology for the purpose of paying a bill. Mitek now has 14 patents issued and 14 patent applications pending.

Mitek's Mobile Photo Bill Pay enables a bank customer or credit union member to easily and securely pay a bill with the snap of a smartphone or tablet camera. After a customer takes a picture of a bill, Mitek's technology automatically extracts relevant information from the paper bill and auto-populates the fields required to make a mobile payment. The consumer can then schedule the payment and click "pay." This revolutionary new way to pay bills eliminates the need for manual data entry, a checkbook or even a computer. The technology is built on advances in Mitek's successful Mobile Deposit ®, currently used by millions of customers of the nation's top banks. To-date, a number of financial institutions have signed agreements to offer Mitek's Mobile Photo Bill Pay solution, including U.S. Bank and First Financial Bank of Abilene, Texas, who launched the service to their customers in January 2013.

"Though the process for our Mobile Photo Bill Pay is incredibly easy for end-users—they simply have to snap a photo of a bill and the technology takes care of the rest—behind the scenes, Mitek has spent years perfecting the technology to accurately and effectively recognize and extract data from the thousands of bill formats that exist today and then apply that data automatically to enable users to pay bills," said Michael Strange, chief technology officer for Mitek. "The newest patent in our growing portfolio shows our continued innovation in mobile imaging technology and our dedication to providing our customers with the most advanced solutions in the industry."

If you liked this article you might like

Amgen, Brooks Automation, Alaska Air: 'Mad Money' Lightning Round May 1

Apple, Facebook, Netflix Flying High: Cramer's 'Mad Money' Recap (Monday 5/1/17)

Mitek Systems (MITK) Weak On High Volume Today

Trade These 7 Stocks Under $10 for Huge Profits

'Mad Money' Lightning Round: Buy, Buy, Buy Intuit