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Image-Capture Tech Competition Picks Up

USAA Federal Credit Union and Mitek Systems Inc. have a long-running patent dispute over the use of mobile image-capture technology. But that’s not keeping competitors from entering the space.

Earlier this week, Top Image Systems Ltd. announced the launch of MobiREMIT, a new mobile application for automated remittance processing and payment via mobile device. The Israel-based solution leverages Top Image Systems’ mobile-imaging platform.

MobiREMIT shortens the processing cycle and makes funds available faster. Today, remittance-processing companies can only begin to process payment requests upon receipt of physical remittance documents at a processing center.  Image-capture makes the sharing of the documents as quickly as hitting “Send.”

With MobiREMIT, the first step is mobile capture of both payments and remittance advices in one digital envelope, which reaches the processing center immediately; then the check image can be transferred for immediate deposit, the company notes in its product announcement. Automatic recognition and processing of semi-structured remittance advices reduces the time, investment, and errors associated with manual data entry of such paper forms. Companies using MobiREMIT will improve efficiency, increase accuracy, accelerate receipt of funds and improve cash flow, Top Image Systems contends.

Top Image Systems has other mobile-imaging solutions in it portfolio, including MobiCHECK, MobiPAY, MobiFLOW and other applications that leverage mobile devices. Top Image Systems markets its mobile platform and in parallel develops image-processing applications in response to customer demand. TIS offers both stand-alone mobile applications that can be activated or embedded in other mobile products, as well as mobile image processing as part of the company’s flagship eFLOW multichannel capture and workflow solution.

“We have already seen the market show strong interest in MobiREMIT,” Isaac Rome,  Top Image Systems vice president of global banking and mobile. “We expect MobiREMIT, alongside MobiPAY, to rapidly gain market share and strengthen our brand recognition in the mobile image processing market in the US, a step that will also positively impact sales of our full mobile imaging portfolio.”

Last month, James DeBello, Mitek president and CEO, described to analysts his company’s growth from mobile image-capture technology solutions licensed to banks and other organizations. He also described the company’s latest product, Mobile Photo Payments, which doesn’t target financial institutions’ mobile-banking services. Mitek designed the Mobile Photo Payment software for companies that send the most-frequent paper bills directly to consumers.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Financial Invisibles Report

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