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Mitek Systems (MITK): Partnership with Allied Payment Network

Mitek Systems, Inc. (NASDAQ: MITK) provides Mobile Deposit, a software application that allows users to remotely deposit a check using their smartphone or tablet cameras; Mobile Photo Bill Pay, a mobile bill paying application that allows users to pay their bills; Mobile Balance Transfer, a product to transfer an existing credit card balance by capturing an image of the user’s current credit card statement; Mobile Enrollment, an application that enables consumers to enroll their checking accounts as funding sources for mobile payments; and Mobile Photo Quoting, a product that enables users to receive insurance quotes.

Mitek Systems announced today a partnership with Allied Payment Network that delivers the next generation of mobile bill payment with Mitek’s Mobile Photo Bill Pay.

Allied Payment Network was the first bill pay processor to leverage Mitek’s Mobile Photo Bill Pay technology when they unveiled their Picture Pay solution in November 2012.

Michael E. Diamond, senior vice president, business development for Mitek, commented:

With Mitek’s Mobile Photo Bill Pay, Allied Payment Network enables regional and community banks and credit unions to offer their customers the ability to pay their bills with the snap of a picture. Our partnership with Allied extends our reach to deliver Mobile Photo Bill Pay to financial institutions of all sizes.

Mobile Photo Bill Pay builds on the success of Mitek’s Mobile Deposit product currently used by millions of customers at the nation’s leading banks. Mobile Photo Bill Pay has the potential to spur greater bill pay market adoption and increase customer retention. CEB TowerGroup found that mobile services are among those that keep customers loyal to a financial institution and make customers reluctant to switch banks.

Ralph Marcuccilli, Allied President, said:

The future of banking is here through Picture Pay, powered by Mitek’s innovative Mobile Photo Bill Pay technology. Picture Pay is available through Malauzai Software and a growing number of mobile banking vendors and provides banks with a simple, easy to use bill pay tool. Giving customers the ability to pay a bill in seconds from a mobile device is critical to attracting and retaining the rapidly growing market of mobile customers.

Mitek Systems will release its financial results for the first quarter of fiscal 2013, ended December 31, 2012, after the market closes on Thursday, January 31, 2013.