J&B's SaaS mobile deposit offering allows banks, brokerages, retailers, insurers, transportation companies, consumers and others to begin conveniently and securely depositing paper checks from mobile phones much more rapidly than an on-premise solution. It dramatically lowers implementation and overhead costs while accelerating deployment, thereby extending mobile deposit to millions of new users.
The solution captures check images through a mobile smartphone and prepares them for transmission to the financial institution as Check 21-compliant images using Mitek's mobile IMagePROVE technology. For security purposes, a complete audit trail of where, when and how each check was captured is logged. No data or images are stored on the smartphone, and all communication is 128-bit encrypted. Business rules, such as exception management and fraud monitoring, can be easily customized.
"With a large and growing camera phone user base, mobile deposit technology is demonstrably ready for broad adoption," said Bob Meara, a senior analyst at Celent, a prominent international strategy consultancy that tracks mobile deposit trends. "Plus, the significant majority of U.S. financial institutions are already processing checks electronically."
Mercatus LLC, a leading strategic consulting and investing firm, reports that 59% of today's mobile banking customers are likely to adopt mobile deposit if the technology is offered by their banks.
"SaaS mobile deposit is ideally suited for financial institutions with limited brick-and-mortar branches, such as regional banks, community banks and credit unions. It's also a great fit for organizations that deposit fewer than 20 checks per user per day," said Jim McShea, the chief revenue officer of J&B's parent company, 3i Infotech North America.
J&B is the service provider for its new SaaS offering. It provides the service through the global payment processing network of Regulus Group, a fellow 3i Infotech subsidiary. Regulus is the largest outsourced remittance processor and the second-largest biller in the United States.
J&B's mobile deposit solution supports approximately 30 different mobile phones, including all major platforms such as Blackberry, iPhone and Windows Mobile. For more information, visit www.JBSoftware.com or call 215-641-1500.
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About J&B Software:
J&B Software provides payment processing, imaging, electronic content management and capture solutions to businesses worldwide. The company works with over 160 industry-leading organizations, including regional and money center banks, insurance companies, mutual funds, credit card processors, brokerages, telecom, utility, government, non-profit and commercial organizations. J&B Software's library of core applications and product modules utilize open architecture software and hardware platforms. The company's extensive application suite includes solutions for retail/wholesale lockbox, remote image capture, ARC/Check 21 electronic clearing, intelligent document recognition, healthcare EOB processing, full-page document management, transaction archive and online customer query. J&B Software is a winner of the TAWPI Hall of Fame Award for technology innovation and excellence, and its 400+ employees are fully committed to improving the operational effectiv! eness and profitability of its clients. J&B Software is a subsidiary of 3i Infotech. For more information, visit www.JBSoftware.com or call 215-641-1500.
About Mitek Systems:
Mitek Systems (OTC: MITK.OB) is an innovator of advanced image analytics and mobile document capture applications for smartphones. For more than 20 years, the company has developed a comprehensive suite of intelligent character recognition software used to test, clean, authenticate and extract data from imaged checks, documents and objects, and its software is used to process more than 10 billion items per year. For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.
Ted Rossman New Venture Communications for J&B Software trossman[email protected] 914-432-7083
Sue Huss Mitek Systems, Inc. [email protected] 619-379-4396