Consumers were delighted when technology emerged that let them deposit checks into bank accounts simply by taking a photo of it. As a prominent player in the mobile imaging space, Mitek said that an estimated 33 million Americans used its mobile deposit technology in 2014.
Now, Mitek is tapping into the B2B side of payments with that same offering of convenience. The company announced Wednesday (Feb. 18) that it has launched the new Commercial Mobile Deposit Capture solution in partnership with payment processing solution provider DadeSystems, allowing businesses to take pictures of invoices and checks from their mobile devices to file and deposit them.
According to DadeSystems President and CEO Bill Zayas, the new product kept in mind the continuing prevalence of checks within the B2B procurement system. “A large percentage of US businesses still pay invoices by check, particularly those with sales, service or delivery personnel that collect payments in the field,” he said, adding that in partnership with DadeSystem, the solution “delivers significant value to clients by providing faster access to funds, reducing their days sales outstanding (DSOs) and eliminating the tedious manual processes typically associated with matching and posting payments.”
Removing friction in the B2B payments space has been a significant focus point for the industry in recent years. In a recent interview with MDP CEO Karen Webster, Mitek’s Chief Revenue Officer Mike Diamond highlighted the company’s focus on removing the friction from payment processing. “We’re all about driving friction out of the mobile channel and using a camera to do that,” he said. “There are a number of ways that phones and tablets are limited – is it too small is it too big? But there are other ways where this technology is incredibly liberating. One that we’re passionate about is the existence of a camera.”
Now, Mitek’s Commercial Mobile Deposit Capture technology, the company says, means financial institutions that already make the mobile deposit solution available to retail customers can now open it up for their business customers as well. But the new product can be especially useful to smaller financial institutions that may not offer desktop check scanners for retail customers.
Mitek cites a recent survey by WePay that found 72 percent of businesses still prefer to conduct transactions with paper checks or cash. In another study, the firm notes that Celent Banking Group found 100 percent of US banks are planning or at least considering adopting commercial mobile deposit solutions.
The research suggests Mitek is tapping into lucrative space that can offer solutions not just for the average consumer, but also for B2B companies, both large and small. Commercial Mobile Deposit Capture, the firm said, allows customization so business customers can process payments without full access to corporate accounts, and fully integrates with existing infrastructure without extra fees associated with other forms of payment processing like credit cards.