Mitek Systems, Inc. (MITK) Receives Mobile Balance Transfer Patent
Seeking Alpha Analyst Since 2010
Mitek Systems is a mobile imaging software solutions provider that allows users to remotely perform transactions such as depositing checks, paying their bills, getting insurance quotes, and transferring credit card balances. Users do so by snapping a picture with their smartphone or tablet cameras, instead of using the device's keyboard. This is much more convenient and efficient than going to a physical location.
The company reported today that it has been issued a patent by the U.S. Patent and Trademark Office, U.S. Patent No. 8,483,473 "Systems and Methods for Obtaining Financial Offers Using Mobile Image Capture". The company's 16th patent describes the process of capturing an image of a credit card statement and being given targeted offers to transfer the balance.
The consumer just snaps a picture of their current credit card statement coupon. Within seconds, Mitek's Mobile Transfer Balance solution validates the information. Then the financial institution can present options to the user for transferring the existing balance. It turns into a win-win for both the consumer and the financial institution. The system is already in use at the San Diego County Credit Union and is under consideration by other financial institutions.
The technology behind the patent is similar to that used for Mitek's Mobile Depsoit and Mobile Photo Bill Pay. All of these services are part of Mitek's suite of solution for the financial services industry. All solutions integrate the company's MiSnap SDK for automatic image capture and utilize its patented enterprise-class Mobile Imaging Platform.
For additional information about Mitek and the various mobile imaging financial services solutions it offers, please visit www.miteksystems.com
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