Pay Bills From Your Smartphone Via Your Bank

by Mercator Advisory Group 0

With remote deposit capture de rigeur for leading mobile banking smartphone apps, it shouldn’t be a surprise that the notion is reversed.

Mitek has developed a bill payment system for banks to offer that lets an accountholder take a picture of an invoice and have the invoiced paid automatically.

This could be a real convenience for the non-recurring bills that consumers receive from time to time.

Given the variability of invoice formats, unlike the comparatively standard check formats accommodated by RC, Mitek’s technology has to be strong to keep error rates down.

After establishing online-bill-payment arrangements as part of their banking, cash management or credit union accounts, users of Mobile Photo Bill Pay can initiate e-bill-payment sessions on their smartphones, then simply snap photos of the bills they want to pay, verify the payment information and click on the app’s “PAY” button.

Mitek’s patented IMagePROVE™ technology addresses the challenges of capturing an image with a mobile device with high accuracy for data extraction. Transactions conclude with verification that the users’ bills have been paid and electronic payments have been sent from their financial institutions.

Key attributes of Mobile Photo Bill Pay include:

The app eliminates the hassle of users setting up information for individual payee accounts because Mitek technology extracts the data from the photo image and automatically provides it to the financial institution’s bill-processing system in the required format;

Users need to photograph their bills only once and payee information is automatically saved in the application’s vendor list for future use;

The app is template free, which provides a superior customer experience for the user and low cost of ownership for the bank thanks to Mitek’s dynamic data-capture capabilities. A template-free platform supports a wide range of bill formats, making it a turnkey solution for banks.

Read full press release:–mobile-photo-bill-payment-105162544.html