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U.S. Bank partners with Mitek for mobile photo bill pay

U.S. Bank, the fifth-largest bank in the United States and lead bank of U.S. Bancorp (NYSE: USB), entered into a strategic technology partnership with San Diego-based Mitek Systems Inc. (Nasdaq: MITK) to offer Mitek’s mobile photo bill pay product to U.S. Bank customers.

Mitek is a mobile imaging software solutions provider and the pioneer of mobile deposit technology.

Mobile photo bill pay will allow U.S. Bank customers to set up bill payments by snapping a picture of their paper bill using their camera-enabled smartphone or tablet. The new feature eliminates the need to manually enter biller and payment information, and allows the customer to make bill payments directly from their mobile device.

U.S. Bank will be the first leading financial institution to offer this service to customers in early 2013.

“Our partnership with U.S. Bank underscores both companies’ deep commitment to innovation and customer satisfaction,” said James DeBello, president and CEO of Mitek Systems. “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. Mobile photo bill pay builds on the success of Mitek’s mobile deposit technology, used by millions of consumers around the country to make billions of dollars in deposits, and enables the next logical step in U.S. Bank’s mobile strategy.”

Mitek’s mobile photo bill pay (patent-pending) enables consumers with a smartphone or tablet to 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 template-free imaging technology gives consumers a new bill payment option via their mobile device. Consumers can 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.

Shares of Mitek Systems rose 63 cents, or 26 percent, to $3.03 in Wednesday morning trading.

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Mitek Systems Inc.

Company Website

8911 Balboa Ave. Ste., B
San Diego, CA 92123

Mitek Systems Inc. Executive(s):

Jim DeBello

  • Chief Executive Officer, President

Russell Clark

  • Chief Financial Officer

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