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Wednesday, Feb 28, 2024

U.S. Bank to Use Mitek for Mobile Payments

U.S. Bank recently announced a partnership with locally based software solutions provider Mitek Systems to provide mobile photo bill pay to U.S. Bank customers.

Mitek’s mobile photo bill pay software enables consumers to pay bills through their smartphones without having to enter in payment data by hand. Once a user takes a photo of their bill using a smartphone or tablet, the technology extracts all the relevant billing information from the photo and auto-populates the data into the fields required to make a mobile payment, according to a news release.

The software also allows consumers to schedule bill payments and add payees from a mobile device.

According to a news release, the service will launch to U.S. Bank customers in early 2013 with U.S. Bank being the first leading financial institution to offer such a service.

“Our partnership with U.S. Bank underscores both companies’ deep commitment to innovation and customer satisfaction,” James DeBello, president and CEO of Mitek Systems said in a news release. “We believe that mobile photo bill pay is the next killer app for financial services, and we’re delighted that U.S. Bank is leading the mobile banking charge.”

Financial terms of the partnership were not disclosed, but a spokeswoman at Mitek said the company typically charges a variety of fees for services.

“Generally speaking, we charge a software license fee and a per transaction fee, but we haven’t disclosed specifics,” said Julie Cunningham, vice president of investor relations and corporate communications at Mitek Systems.

Mitek Systems is a mobile imaging software solutions provider whose technology allows users to deposit checks, pay bills and transfer balances remotely using the camera of a smartphone.

Shares of Mitek Systems, traded on Nasdaq under the symbol MITK, closed Dec. 4 at $2.40, and have ranged from $1.90 to $12.97 over the past 52 weeks.

— Emily Pippin


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