Mitek Launches Commercial Deposit Capture

Mitek, San Diego, Calif., today introduced what it says is the first mobile deposit capture system designed for businesses.

“We expect quick adoption,” Sarah Clark, Mitek vice president of product, tells Mobile Marketing & Technology. “Deposit capture has proven user experience for consumers.”

More than 33 million consumers have used their smartphones to deposit checks. The popularity is expected to grow strongly again in 2015 as even more consumers purchase smartphones and those already with them start to or continue to use the convenience of the mobile banking feature.

A recent survey from Palo Alto, Calif.-based WePay found that 72 percent of businesses prefer payment by cash or check. Mitek’s Commercial Mobile Deposit Capture product will enable small businesses like contractors, roofers, etc., to accept and deposit checks immediately, rather than waiting to get to a branch or paying the 2-3 percent interchange fee (the rate isn’t universal) for credit card payments.

“Commercial Deposit Capture offers businesses improved cash flow and operational benefits,” adds Clark, who expects banks to quickly adopt the solution.

A  September 2014 Celent (Boston, Mass) survey found that all banks were considering adopting remote deposit capture.

“What I found so noteworthy [about the survey] is that none of the surveyed banks said they had ‘no plans’ to offer it,” said Celent analyst Bob Meara in prepared remarks. “We attribute this to the fact that in addition to being a consumer acquisition and retention tool for financial institutions, a commercial deposit capture solution directs business customers toward the lower-cost, self-service channel.”

While most banks offer consumer deposit capture free of charge, Clark wouldn’t speculate if how they might price such an offering on the commercial side.

She expects half of banks to be offering commercial deposit capture by the end of the year.

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