Mitek Systems and mFoundry Demonstrate First Mobile Deposit Capabilities on a Mobile Banking Platform: Combined Product to be Previewed on iPhone at BAI TransPay

SAN DIEGO, Calif., February 23, 2009 – Mitek Systems, Inc. (OTCBB: MITK, www.miteksystems.com), an innovator of image analytics and mobile document capture software applications, and mFoundry, a leading provider of mobile banking and payment solutions, announced today they will demonstrate Mitek’s ImageNet Mobile Deposit capabilities integrated within the mFoundry mobile banking application on an iPhone at BAI TransPay, Booth #328, February 23-25 at the San Diego Convention Center.

Mitek’s ImageNet Mobile Deposit allows checks to be deposited from an end user's camera-equipped mobile phone, giving financial institutions the ability to provide its account holders an extra level of convenience and quicker availability to funds.  The mFoundry mobile banking platform provides customers easy access to account information, funds transfers, bill payments and branch or ATM locations.  The demonstration of ImageNet Mobile Deposit integrated with mFoundry’s mobile banking application is the first fully featured mobile banking application with check deposit capabilities.

Using the combined application is a simple three-step process.  Users begin a session in the mFoundry mobile banking application, key in the deposit amount, and snap a photo of the front and back of the check.  The check images are conformed to Check 21 standards and transmitted securely over a wireless network to the bank as a remote deposit.
Both Mitek and mFoundry were recently selected as Best New Mobile Banking Technology and Best Mobile Banking Application, respectively, by the Bankers Alliance for the Mobile Arena.

“Offering ImageNet Mobile Deposit with mFoundry’s mobile banking application demonstrates the power and convenience of the next generation of mobile banking and payments,” said James DeBello, president and CEO, Mitek Systems.  “It provides another compelling reason for customers to adopt mobile banking as their preferred way to interact with their financial institution.”

“Check deposits are often the only reason consumers go to their bank branch.  By adding Mobile Deposit to our iPhone mobile banking functionality, financial institutions can save money by avoiding the paper item processing costs while at the same time offer customers convenience and save them time,” said Drew Sievers, CEO and co-founder of mFoundry.