Mitek is expanding its global outreach with the launch of Mobile Deposit, its mobile check capture technology, in the United Kingdom.
Since its launch, Mobile Deposit, which lets users quickly cash a check by taking an in-app picture, has seen widespread adoption in the U.S. and Canada, with over 60 million consumers using the technology and over 4,800 American and Canadian financial institutions supporting it, including the top 10 American banks.
With a huge user base backing its growth prospects and a change to the 2015 Small Business, Enterprise and Employment Act, U.K. banks can now accept, exchange and process check images starting July of this year.
“Through a global partner, Mitek’s Mobile Deposit will be deployed at a leading U.K. clearing bank,” said Michael Diamond, general manager of payments solutions at Mitek. “As a result, depositors won’t have to travel to a branch or ATM to make a deposit, and banks will save millions in processing costs in the coming years.”
While the launch of the service is still almost three months away, the San Diego-based company said the technology is being made available to U.K. banks for an immediate integration. An early adoption will likely save banks significant money, as it will cut down the cost of deploying and maintaining old-fashioned scanner hardware — an expensive investment.
The mobile capture and identity verification software solutions provider said, after the U.K., it plans on expanding its product outreach to other countries, and to support that, its solution will be customized for each market to accommodate the variances in underwriting and tech specifications.
With the announcement, the company’s share value saw a 6.18 percent jump, closing at $5.84 at the end of the day on Nasdaq.