US Bank launches Mitek’s Mobile Photo Bill Pay service

U.S. Bank, fifth-largest bank in the United States and lead bank of U.S. Bancorp (NYSE: USB), and Mitek Systems (NASDAQ: MITK), a leading mobile imaging software solutions provider and the pioneer of Mobile Deposit® technology, have entered into a strategic mobile technology partnership to offer Mitek’s Mobile Photo Bill Pay™ product to U.S. Bank customers.

PARTNER

US Bank, a division of US financial services provider Bancorp, has entered an agreement with mobile imaging services provider Mitek Systems to provide Mitek’s Mobile Photo Bill Pay product to US Bank customers.

Partnering with Mitek, and leveraging its Mobile Photo Bill Pay product, U.S. Bank will be the first leading financial institution to offer this innovative service to customers in early 2013.

“Mobile banking and mobile payments continue to be a priority for U.S. Bank as we take advantage of new technology and deliver added convenience to customers via their mobile devices.
Niti Badarinath, senior vice president and head of mobile banking at U.S. Bank:
[quote] “U.S. Bank has been a leader in mobile banking and mobile payments since we first piloted a contactless payment solution in 2008, and were one of the first banks to offer a mobile check deposit feature in 2010. Our investment in mobile innovation will remain strong as we enter into 2013.”
[/quote] Mitek’s Mobile Photo Bill Pay (patent-pending) enables consumers with a smartphone or tablet to simply take a picture of a bill or remittance coupon; the technology then automatically extracts relevant information from the paper bill and auto-populates the fields required to make a mobile payment. The consumer then schedules the payment and clicks “pay.” Mitek’s unique and template-free imaging technology gives consumers a convenient new bill payment option via their mobile device. Consumers can quickly add a new payee to their online bill pay, pay one-time or non-recurring bills, and set up recurring bills and payments from anywhere, at anytime. The ability to add a new payee with a mobile device is a key competitive advantage over existing mobile bill pay applications.