|For Immediate Release:|
|Date:||December 6, 2010|
|Place:||San Diego, California|
|Contact:||Linden (Lin) Fellerman - President and CEO|
Secure Payment Systems Offers MobileXpress21™ for Apple iPhone To Become 1st Third Party Guarantor of Smartphone Remote Deposit Checks
SAN DIEGO, Calif. - December 6, 2010 -- Secure Payment Systems ("SPS"), a national leader of value-added payment services and transaction processing in the U.S. and Canada, today announced a new mobile remote deposit capture (RDC) and check-guarantee solution - MobileXpress21™ - aimed specifically at market channel partners, financial institutions, and independent sales organizations (ISO's) serving wholesale and retail merchants throughout the United States.
To assure that its mobile-check-imaging and deposit-guarantee solution is a world class offering, SPS has formed a relationship with Mitek Systems Inc. (OTC: MITK.OB) to become a direct processor of Mobile Deposit®, Mitek's patented, market-leading mobile RDC application that enables check deposits via camera-equipped smartphones such as Apple iPhone devices.
Today's announcement is the culmination of a SPS - Mitek technology integration initiated earlier this year that unites the capabilities of SPS' electronic transaction processing, Check 21 image-capture, and guarantee solutions with Mobile Deposit®. This service positions merchants and sales agents to offer their customers a breakthrough in convenience, accuracy, and security for guaranteed funding of mobile remote check deposits. Already certified on the Apple Store for the iPhone, MobileXpress21™ can be downloaded by participating merchants for an easy-to-implement processing solution.
"Mobile is here to stay," said Linden (Lin) Fellerman, President & CEO of SPS. "We are proud of our new "MobileXpress21™" business application. The capability for our sales agents to be able to sell real time mobile Check 21 in conjunction with a guaranteed payment solution is a significant value-add that should translate into a more compelling and persuasive sales justification for the retail decision maker in the numerous market segments that cater to remote check acceptance, such as driver deliveries and the home contractor trades."
A smartphone equipped with MobileXpress21™ enables easy data prompting, entry and image scanning of checks. Transaction data and check images are captured remotely and securely, and transmitted real time to SPS servers for immediate translation and transaction processing. Approvals are transmitted near instantaneously back to the Smartphone, letting the user know of the guarantee and safety of the remote check-acceptance solution. Moreover, settlement funding is performed in one or two business days, emulating the existing electronic check conversion process.
"We sought to understand the needs of processing partners like SPS," said James DeBello, President and CEO of Mitek Systems. "We have formed a relationship with SPS that delivers a real-time, cutting-edge, mobile-Remote Deposit Capture product within the tight requirements of the industry. The unique real-time interface between our secure image-capture servers and MobileXpress21™ makes for a compelling argument when coupled with the transaction processing engine and settlement guarantee SPS provides. We couldn't be more delighted to have partnered with such a forward-thinking organization. We look forward to providing SPS with our solutions for BlackBerry devices soon.
About Secure Payment Systems, Inc.
Secure Payment Systems, Inc. (SPS) (www.securepaymentsystems.com) was founded in 1996 by Linden (Lin) Fellerman, former 20 year employee and 10 year President of the Telecredit / Equifax Check Services subsidiaries (now Certegy, part of Fidelity National Information Systems). Using dial, Internet, frame relay, and VPN communication services, Secure Payment Systems is directly involved in electronic authorization and settlement payment processing activities for over 8,000 client endpoints across North America including but not limited to check authorization and guarantee, electronic check conversion, Check21 image processing, ACH electronic funds transfers, and gift / rewards card processing. With over 30 years of entrepreneurial achievement in transaction processing and risk management systems, Lin fosters a hands-on management philosophy resulting in unprecedented customer service levels and long term client relationships. For more information visit www.securepaymentsystems.com
About Mitek Systems
For more than 20 years, Mitek Systems (OTC: MITK.OB) has provided financial institutions with advanced imaging and analytics software to authenticate and extract data from imaged checks and other financial documents. Mitek's patented technology is currently used by all leading financial organizations in the United States to process more than 10 billion items per year.
Today, Mitek is applying its patented technology and extensive expertise in image correction, optical character recognition and intelligent data extraction to mobile devices. Using Mitek Mobile Apps, smartphone users can now deposit checks, pay bills, save receipts and fax documents while on the road or sitting at a desk -- eliminating trips to the bank, Post Office and file cabinet. Simply take a picture of the document and Mitek does the rest -- correcting image distortion, extracting relevant data, routing images to their desired location, and processing transactions through users' financial institutions.
For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.