SAN DIEGO – Mitek Systems, pioneers in mobile remote deposit capture, rolled out new technology today that will allow individuals to cash checks and add funds to prepaid cards over their smartphones.
The technology is based on Mitek's Mobile Deposit software platform and offers an alternative for the growing population of unbanked consumers who traditionally rely on options like neighborhood check cashers to cash checks.
Cashing a check and loading a prepaid card is simple and will take less than one minute:
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• The consumer then confirms the transaction and the funds are loaded onto the prepaid card.
"Mitek's technology can free unbanked, underbanked and "unhappily banked" individuals from the confines and sometimes predatory practices of check cashing facilities, and enable people to quickly and easily cash checks and load their pre-paid cards using their smartphones," said James DeBello, president of Mitek Systems.
Mitek is demonstrating the technology today at the FinovateSpring 2012 conference in San Francisco.
