Mitek, the mobile capture and identity company, is launching a new mobile technology at FinovateSpring 2015 in San Diego, the first to instantly verify whether a driver’s license is real or not.
Dubbed Photo Verify, and announced Tuesday (May 12), the system uses the company’s MiSnap capture to instantly locate and decode encrypted security features on a license. When detected, the security feature identifies a license as 100 percent positive, which means there are no false positives, the company said.
The process uses already existing technology that Mitek has developed to capture document images and extract data. Mobile Deposit, for example, allows Mitek customers to take pictures of checks and deposit them. The company has been enjoying “hockey sticking” growth, Michael Diamond, chief revenue officer, noted in a late 2014 interview with PYMNTS. To date, Mobile Verify is used by more than 3,700 institutions serving millions of customers, the company claims. Mitek estimated that more than 33 million Americans used its check deposit services in 2014, and the latest quarterly results showed overall revenue up more than 26 percent year over year.
"This technology is the next step in enabling financial institutions to optimize the mobile channel for customer acquisition,” James B. DeBello, president and CEO of Mitek, said in the press release. “Institutions can be 100 percent sure that the license presented is an authentic, unaltered, government issued document. This will give them the confidence to approve more new customers. Consumers will enjoy the experience. They will simply scan their driver license with a phone or tablet and receive an instant result."