Mitek Systems Inc. (NASDAQ:MITK) Developing Money Transfer Through Mobiles

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Mitek Systems, Inc. (NASDAQ:MITK) is one of the companies working in the mobile domain that seek to ease the agony of financial transactions. Smartphone and tablet usage has ensured that we do a lot of financial transactions on the net, but given the small screen sizes, several attempts are required before on transaction is successful.

The Mobile Payment Gateway:

However, Mitek Systems, Inc. (NASDAQ:MITK) has a unique solution to this mess. In fact, the company is developing systems that can take care of our other financial transactions, without ever visiting the bank’s branch. They have latched on to the digital cameras that sit on top of each and every smartphone and their technology makes use of this feature. The company has already been awarded 19 patent awards by the U.S. Patent and Trademark Office, while 23 applications are still pending. Though several companies are also developing expertise in this segment, the company is far ahead of the competition. The company’s imaging software is already used by many banks for processing payments. It is already developing similar software for individual consumers. Though it may seem as simple as taking an image from the smartphone’s camera, the software and the technology does far more than this as it incorporates mobile document capture, advanced methods of image processing as well as manipulation. This is apart from the security systems provided by the company.

The Banking Sector:

Mitek Systems, Inc. (NASDAQ:MITK) is concentrating on commercializing its ‘Mobile Deposit’ software for the banking sector. The company has a sizeable following in this field with over 1,362 banks already using it. Over 1,780 banks have already signed for it.  Considering that there are just over 5,000 banks in the U.S., this is a sizable number. Over 360 banks signed up in the quarter ending December, 2013 with 557 banks making the feature a live one in the quarter. It is estimated that 20 million customers now use the mobile deposit technology. Bank are now accustomed to the technology are raising the limits.

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