Mobile Photo Bill Pay Surpasses Standard Mobile Bill Pay Adoption in First Three Months
AUSTIN, Texas | Nov., 2013
Picture Pay™, 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.”
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 Pay™, 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.