Mitek turns camera phone into banking tool

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by Jan Harris

Mitek turns camera phone into banking tool
Mitek Systems is planning to demonstrate new camera phone technology at BAI-Transpay on 5 February, a tradeshow targeted at the banking industry.

The new software, ImageNet Mobile Deposit, can be used by banks to let customers deposit cheques or pay bills via a Windows Mobile phone.

The software uses the phone’s camera to photograph an item, then uses the data to carry out a secure electronic transaction.

Bank customers download a version of the software, branded for their own bank, onto their phone from the bank’s website.

The customer can then initiate a mobile banking session, key in the amount, and take a photograph of the front and back of the cheque. The software then captures the images and extracts the cheque’s Courtesy Amount and Legal Amount (CAR/LAR).

Paper bills can be paid in a similar way – by taking a photo of the payment coupon.

The software could be made available by banks later in 2008.

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