Mitek Delivers First End-to-End Remote Remittance Tool - In a Flexible, Web Services Enabled, .Net® Environment


ImageNet(TM) Payments for Remote Remit identifies and dynamically extracts data from coupons and checks automatically.

SAN DIEGO, Oct. 18 / / - Mitek Systems, Inc., (BULLETIN BOARD: MITK), a global leader of image analytics and pattern recognition software, has shipped the first remote deposit and remittance toolkit which automatically identifies and dynamically extracts data from checks, coupons or any other related documents. ImageNet(TM) Payments for Remote Remit reduces the cost and accelerates the processing of remittance at any point of presentment.

The toolkit is the second module in the company's new ImageNet development platform. ImageNet employs a new Service-Oriented Architecture (SOA) which enables payment processing and other imaging application vendors and integrators to more quickly and easily integrate the industry's most accurate and comprehensive line of document identification, recognition and fraud- detection technologies. The new platform's Web-enabled architecture easily links Remote Deposit Capture (RDC) with Back Office Conversion (BOC), merchants and outsourced services providers.

ImageNet Payments for Remote Remit will be demonstrated in booth #139 during AFP's Annual Conference at The Boston Convention & Exhibition Center in Boston Oct. 21-24. For more information, visit www.afponline.org.

Separately, the company announced ImageNet Signatures, a signature detection and anti-fraud toolkit, which employs Mitek's patented signature- encoding methodology. The company announced the first ImageNet modules, ImageNet Payments and ImageNet Prep & ID, in August. Modules for form recognition and image enhancement, data capture, and fraud detection will be shipped during the remainder of the calendar year.

"Remote deposit and remittance capture has generated tremendous interest among banks and their customers," said Mitek CEO James DeBello, "However, it has remained a challenge to automate the many steps in the process and realize its full potential. Manual setup for each check and coupon design has been one of the major remaining challenges. ImageNet Payments for Remote Remit addresses that problem and should speed adoption of RDC."

However, independent software vendors and systems integrators won't have to learn new tools to incorporate automated check and coupon identification and extraction. Mitek's new ImageNet platform gives developers access to these capabilities and a dozen others through a single Application Programming Interface (API). ImageNet enables developers to integrate document identification, data extraction and fraud detection into any SOA-compliant applications - from specialized payment processing solutions to enterprise financials to any applications that can benefit from automating document processes. It's also compatible with COM/COM+/DCOM interfaces.

Smart Coupon Recognition (SCR)

Mitek's exclusive Smart Coupon Recognition (SCR) reduces set-up, which makes it an excellent solution for deposits and remittances from multiple sources. Other features of ImageNet Payments for Remote Remit include:

o Centralized or Distributed Deployment: Maximizes flexibility in
developing remote branch and merchant capture solutions. Runs in
browser, rich client and mixed environments.
o Beyond Checks: Automatically reads and processes personal and business
checks, cash in/out tickets, deposit slips, remittance coupons and
more.
o Check 21 Compliant: Assesses image quality against FSTC standards.
o Works with Image Replacement Documents (IRDs)
o Highest read rates available:
o 85 percent for personal checks
o 95 percent for business checks
o Reduces manual data entry costs by up to 90 percent.
o Validates Image Cash Letters by reading MICR lines with powerful E13B
OCR engine.
o Extracts name and address and separates subfields as needed for
targeted marketing campaigns.

About Mitek Systems, Inc.

Mitek Systems (OTC Bulletin Board: MITK; www.miteksystems.com) is a global leader in Image Analytics and pattern recognition technologies used by financial institutions, life science companies, government agencies and system integrators. The Company develops and markets the most comprehensive suite of intelligent character recognition software used to test, clean, read and authenticate imaged documents and objects. Sold to partners and directly to end users, the Company's software is used in the processing of over 8 billion transactions per year. For more information about Mitek Systems, contact the company at 8911 Balboa Ave., Suite B, San Diego, CA 92123; 858-503-7810 or visit www.miteksystems.com.

Source: Mitek Systems, Inc.

CONTACT: Tom Rossi of Mitek Systems, Inc., +1-858-503-7810, ext. 308, trossi@miteksystems.com

Web site: www.miteksystems.com/

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