Picture PayTM, the industry’s first mobile photo bill payment
application, has seen 17 percent month over month increase in active
end-users and 13 percent monthly growth in the number of items processed
since its launch in November 2012. The product’s creators Mitek,
Allied
Payment Network and Malauzai
Software Inc. also reported that 5 percent of active mobile banking
users employed the feature in the first 90 days after its launch. That
is above the usage figure of 3.5 percent for standard bill pay on the
mobile device.
Picture Pay allows users to complete a payment in three simple steps:
take a photo of the bill statement, confirm the amount to be paid and
submit the payment to the financial institution. The application
packages Mitek’s patented mobile imaging technology and Allied Payment
Network’s advanced payments processing capabilities inside the Malauzai
SmartApp to provide account holders with a convenient way of paying
bills through the mobile channel while giving banks and credit unions a
more cost efficient alternative to traditional Internet banking bill
payment offerings. “It is great to see community institutions using
mobile imaging to increase customer engagement and attract new
customers,” said James B. DeBello, president & CEO of Mitek. “In
addition to enabling them to compete with large banks, they can also
increase overall adoption of mobile banking and bill pay with Picture
Pay, powered by Mitek.” To date, 15 financial institutions have engaged
in Picture Pay contracts, including $5.1 billion Abilene, Texas-based First
Financial Bankshares, Inc. (NASDAQ-FFIN). Since launching the
service at the end of 2012, FFIN has seen more than 1 million in money
movement through Picture Pay, and has enjoyed increasing adoption as
customers become more familiar with the application’s offerings.
“We have received a tremendous response to the Picture Pay product
offering from institutions of all sizes, and are thrilled with its
success so far,” said Ralph Marcuccilli, president of Allied Payment
Network. “Account holders are showing they are just as excited about
paying a bill through the mobile channel as they are about depositing a
check through it. We are proud to play a part in making the bill paying
process easier and more convenient for the consumer, and more efficient
and cost effective for the financial institutions who serve them.”
About Mitek
Headquartered in San Diego, CA., Mitek (NASDAQ: MITK) is a mobile
imaging software solutions provider that allows users to remotely
deposit checks, pay their bills, get insurance quotes, and transfer
credit card balances by snapping a picture with their camera-equipped
smartphones and tablets instead of using the device keyboard. Mitek’s
technology increases convenience for the consumer by eliminating the
need to go to the bank branch or automated teller machine, and
dramatically reduces processing and customer acquisition costs while
increasing customer retention. With a strong patent portfolio, Mitek is
positioned as the leading innovator in mobile imaging software and
currently provides its solutions to Fortune 500 financial services
companies. For more information about Mitek, please visit www.miteksystems.com.
About Allied Payment Network
Allied Payment Network is a visionary and innovative company that
applies emerging bill pay technologies for the financial industry and
its customers. The company was created to make the bill paying process
easier and more convenient for the consumer, and more efficient and cost
effective for financial institutions. With its solution, Picture PayTM,
whose imaging software is powered by Mitek’s Mobile Photo Bill Pay
technology, Allied has pioneered the first mobile point, shoot and bill
pay application for smartphones. For additional information on how
Picture Pay is enabling financial institutions to more successfully
promote mobile bill pay to their customers and members, visit www.AlliedPayment.com.
About Malauzai Software
Malauzai was incorporated in 2009 in response to the growing demand in
the mobile channel marketplace. As a leading-edge company in a cool
town, with a focus primarily on community financial institutions,
Malauzai looks to provide mobile solutions that will enhance the
customer experience ultimately resulting in increased value. For more
information, visit www.malauzai.com.
Copyright Business Wire 2013