Chase Taps Mitek’s Image Innovation

Bank Technology News | February, 2011

Mitek’s patented mobile remote deposit technology has found another taker in Chase, which will team with the tech firm to develop a series of new mobile RDC products that work across multiple smartphone operating systems.

Chase will expand its QuickDeposit feature—which enables consumers to deposit checks by clicking their mobile phone camera—by deploying Mitek’s mobile banking and image capture analytics. The deposit services will join other mobile financial services offered by Chase, including text banking, mobile banking apps for iPhone and Android and instant action alerts.

The Mitek technology is designed to capture color images of both sides of a check, as well as manipulate the information so it can be received by the bank’s RDC solution, reducing manual reviews for the bank and multiple deposit attempts by the consumer.

“The better the technology, the more checks that will be accepted at the first [remote deposit],” says Drew Hyatt, svp of business development for Mitek. “It keeps consumers from having to take multiple pictures.”

Since receiving a patent for the technology a few months ago, Mitek has signed OEM agreements with Fiserv, ClairMail and mFoundry. Its mobile RDC bank clients include Bancorp Bank and Conestoga Bank.