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Software uses cell phone cameras to transmit paper checks

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SAN DIEGO, Calif. (1/30/08)--Consumers soon can make mobile payments and deposit checks remotely with their cell phone cameras by using new software by Mitek Systems. The software, ImageNet Mobile Deposit, will go commercial in the second quarter of this year, according to Mitek CEO James DeBello. Mobile banking users will download ImageNet Mobile Deposit on their cell phones and then initiate a mobile banking session. After they key in the deposit amount, they photograph the check using the phone’s camera. The software uses the images to extract the check’s courtesy or numerical amount, and the legally written amount and then transmits the information to the financial institution. To protect users against fraud, Mitek has deployed three layers of security, DeBello said. The first requires users to enter a personal identification number to log in. The second encrypts locally stored data, and the third validates the identity of a web site to create an encrypted connection for sending personal data. ImageNet Mobile Deposit uses the payment industry’s standards for remote check deposit. Several wireless carriers nationwide have adopted similar mobile banking solutions through Verizon Wireless. America First CU, Ogden, Utah, is participating in the program.

Cypress Software to offer e-signature technology

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NORTH RICHLAND HILLS, Texas (1/30/08)--Cypress Software Systems will offer electronic signature capabilities with its Mark IV automated consumer loan decisioning platform. Cypress also has partnered with Topaz Systems Inc. of Simi Valley, Calif., and will resell its SignatureGem liquid crystal display pads to financial institutions that want e-signature capability, including credit unions. The e-signature feature will be available through Mark IV via signature pads like the Topaz units, with later versions allowing more advanced capabilities, including online e-signatures. Cypress Software Systems is a developer of automated credit application decision support technology. Topaz Systems is a developer and manufacturer of electronic signature software and hardware.