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Profile: Mitek Systems Inc (MITK.OQ)

MITK.OQ on NASDAQ Stock Exchange Capital Market

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29 Sep 2016
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Mitek Systems, Inc., incorporated on May 29, 1986, develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company's technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with camera-equipped smartphones and tablets instead of using the device keyboard. Its technology uses algorithms to correct image distortion, extract relevant data, route images to their desired location and process transactions. Its technology processes images of documents in many ways. These include quality analysis, image repair, document identification and the extraction of hand-printed and machine-printed text.

The Company's mobile capture software solutions are embedded in other mobile banking or enterprise applications developed by banks, insurance companies or their partners, and then marketed under its brands. The Company's mobile imaging software solutions are available for iPhone Operating System (iOS) and Android operating systems. Its solutions can be deployed on any back office, industrial or desktop scanner, or on camera-equipped smartphones or tablets, to optimize and extract data from any scanned or photographed identity document, check, bill or other financial document. The Company's mobile imaging solutions include Mobile Verify, Mobile Fill, Mobile Deposit and Commercial Mobile Deposit Capture.

The Company's Mitek Developer program extends use of its mobile capture software development kit (SDK) and mobile imaging platform to developers interested in creating mobile applications to capture data from documents in markets outside financial services. It provides ongoing software support services to assist its customers with the use and maintenance of its software. The Company markets its products and services through channel partners as well as through its internal, direct sales organization.

Mobile Verify

The Company's Mobile Verify provides insights and assurances to companies around the world. It can take many forms based upon document type, geography and customer use case. Mobile Verify finds and decodes an encrypted security feature hidden on the United States driver's license that is imperceptible to the human eye. Mobile Verify combines the Company's MiSnap auto capture experience with its computer vision to perform algorithmic-based tests that verify the authenticity of several types of passports, international driver's licenses and identity cards from nearly every nation.

By ensuring that a driver license is authentic and issued by the state, Mobile Verify helps prevent the use of forged, tampered or fake licenses. It enables banks, insurance companies and other organizations to acquire customers and complete transactions in the mobile channel. This solution is useful for organizations that must achieve regulatory compliance, including know your customer (KYC) and anti money laundering (AML) regulations.

Mobile Verify has many use cases, which include mitigating risk for transactions, such as mobile account opening, loan origination, money transfers, card-not-present payments, merchant onboarding, verification for age restricted mobile commerce and creating a trusted identity in the shared economy. Mobile Verify Advanced can also help banks raise Mobile Deposit limits by verifying the identity of someone making a deposit on a mobile device. Mobile Verify is available on premise or in the cloud.

Mobile Fill

The Company's Mobile Fill, which includes touch free auto capture experience (MiSnap), is a mobile identity capture solution. Mobile Fill enables the mobile customer to use their camera as a keyboard for accurate data pre-fill of any form requiring personal data. Simply by snapping a picture of their driver license, mobile customers can open a new account. Its technology extracts data from the driver's license to populate the fields of the application form, thereby eliminating the errors associated with manual data entry on a mobile device. Mobile Fill can be used to get an insurance quote, apply for a credit card, originate a loan, or enroll in other products and services. This process can be extended to capture the image of a check or credit/debit card to allow for funding or payments. It can also capture data from other documents to facilitate various workflows.

Mobile Deposit

The Company's Mobile Deposit is a category product that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet. As of September 30, 2015, approximately 4,500 financial institutions have signed agreements to deploy Mobile Deposit. Mobile Deposit allows users to make deposits by photographing the front and back of a check and submitting the image electronically to their bank using their smartphone or tablet. Mobile Deposit is provided for retail banking.

Commercial Mobile Deposit Capture

The Company's Commercial Mobile Deposit Capture utilizes the same technology as Mobile Deposit, and is provided for small and medium size businesses. It provides solutions, including mobile multi-check capture and invoice capture, to help business reduce or eliminate their need for check scanners and trips to the automated teller machine (ATM) or bank branch. Commercial Mobile Deposit Capture is provided for business banking.

Company Address

Mitek Systems Inc

8911 Balboa Ave
SAN DIEGO   CA   92123-1596
P: +1858.3091700
F: +1302.6555049

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