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Fiserv-Mitek Systems in mobile deposit pact
BROOKFIELD, Wis. (8/10/09)--As the demand for mobile banking applications continues to increase, Fiserv and Mitek Systems Inc. announced this week that they have signed an agreement to offer Mitek’s Mobile Deposit application to Fiserv clients, which include credit unions. Mitek’s Mobile Deposit solution allows credit unions to accept check deposits through camera-equipped cell phones. The solution will be available on Blackberries, Windows Mobile handsets and on the iPhone (Biotech Week Aug 12). A credit union member initiates a mobile banking session by keying in the deposit amount using the phone’s number pad and then photographing the front and back of a check using the camera’s phone. The image is sent to the credit union for deposit. About 21% of Generation Y consumers use their cell phones for mobile banking transactions. About seven million individuals of all ages in the U.S. are expected to use mobile banking this year, up from 3.1 million in 2008, according to the Credit Union National Association’s Environmental Scan (E-scan) Report for 2009-2010. The number of U.S. households banking or making payments by mobile devices will increase to about 50 million--or 40% of U.S. households--by 2016, the report said. Fiserv, based in Brookfield, Wis., provides financial services solutions to credit unions. Mitek Systems offers productivity applications for cell phones with cameras.
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