Mitek Helps Bring Mobile Deposit to Credit Unions

In a bid to help credit unions better fight check fraud, mobile enterprise digital transaction management solutions provider eDOC Innovations is leveraging technology from Mitek. eDOC will add Mitek’s Mobile Deposit technology and its advanced risk mitigation features to its eDOC Mobile RDC.

eDOC Innovations COO Mark Fierro credited the growth of the company’s RDC processing business and innovations in check imaging technology for the decision to work with Mitek. Fierro also hinted at near-term dividends of the new partnership. “In the coming months, we will be releasing new features that will help credit unions mitigate risk of check fraud with restrictive endorsement detection and support for Harland Clarke PhotoSafe Checks,” Fierro said.

Serving credit unions for more than 25 years, eDOC Innovations provides a range of solutions to support mobile e-signature processing, digital asset lifecycle management, intelligent and interactive form automation, as well as mobile RDC and electronic statements. The company noted that credit union demand for mobile deposit capabilities in their banking apps had “nearly tripled” over the past year alone.

This would come as no surprise to Michael Diamond, GM and SVP for Payments at Mitek, who said, “Mobile Deposit is the feature that has helped grow mobile banking into the industry it is today, and we continue to drive innovation for both financial institutions and consumers.” Diamond praised eDOC Innovations as a company with a track record of “bringing powerful new technology to credit unions.”

Founded in 1985, Mitek demonstrated its Mobile Verify solution at FinovateFall 2017. Mobile Verify provides worldwide, omnichannel identity verification, making it easy for FIs to onboard foreign customers as readily as local customers. The technology features algorithm-based checks on thousands of global ID documents, and is able to detect security features installed on them. With use cases ranging from account opening and loan origination to payments and card-not-present transactions, Mitek’s Mobile Verify can be integrated into mobile apps, websites, and desktop solutions.

Last month, cryptocurrency trading platform DXE announced that it would use Mobile Verify for automated ID verification. In June, Mitek teamed up with fellow Finovate alum Signicat to build a solution to help European-based financial services improve their onboarding technologies while remaining compliant with new regulations. Also in June, Mitek added identity document verification and biometric facial recognition technology to its platform thanks to an agreement with Experian, also a Finovate alum.

Mitek’s technology is embedded into the apps of more than 6,100 institutions and is used by more than 80 million consumers. Traded on the Nasdaq under the ticker, MITK, Mitek has a market capitalization of $294 million. The company is headquartered in San Diego, California. Mitek’s Sarah Clarke, SVP for Global Product Development, was named to One World Identity’s Top 100 Influencers list in February.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Signicat and Mitek Team Up to Improve Digital Onboarding

Identity assurance provider Signicat and digital identity verification company Mitek partnered to improve the onboarding experience for end customers while helping banks comply with new regulations.

The two teamed up to create a solution specifically for European-based financial services providers, who are facing a handful of new and ever-changing regulations, including PSD2, AMLD5, and eIDAS. The new tool, available in Signicat’s Digital Identity Platform, integrates Mitek’s Mobile Verify solution to authenticate identity documents presented during a remote, mobile onboarding process. To comply with AML and KYC regulations, Mitek’s Mobile Verify captures an image of the identity document to ensure its authenticity.

“Partnering with Mitek enables us to jointly offer European financial services institutions a customer on-boarding solution that is 100% online,” said Gunnar Nordseth, CEO at Signicat. “The partnership is designed to remove friction from the customer on-boarding process to ensure financial institutions can effectively compete in the marketplace.”

Nordseth also noted that Signicat clients can now simultaneously benefit from Mitek’s Mobile Verify solution, as well as Signicat’s secure authentication, electronic signing, and sealed document archival. Signicat also offers an eID hub, which consists of a wide variety of third party eID providers covering regions all over the world.

Founded in 2007, Signicat demoed Signicat Assure and Signicat Sign at FinovateEurope 2017. Assure combines national e-identities, commercial e-identities, and multiple other methods that offer a fast way to verify the customer’s identity for onboarding. Sign is a digital signature solution that ensures the origin and integrity of the document while maintaining non-repudiation from the sender. In January of this year, the company closed a $2 million funding round, bringing its total financing to $3.9 million.

Mitek is publicly traded on NASDAQ under the ticker “MITK” with a market cap of $307 million. Mitek was founded in 1985 and is headquartered in San Diego, California. The company most recently demoed its MobileVerify solution at FinovateFall 2017. Last month, Mitek acquired artificial intelligence and image analysis company A2iA for $49.7 million.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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  • Trulioo wins Startup Canada’s Global Entrepreneurship Award.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Mitek Acquires A2iA for $49.7 Million

Digital identity verification company Mitek is bolstering its capabilities this week with the acquisition of A2iA, an artificial intelligence and image analysis company, for $49.7 million. This is Mitek’s second acquisition in under a year– last October the company acquired ICAR for $15 million.

A2iA leverages AI and machine learning to create algorithms that process millions of checks, IDs and documents daily for financial services companies, retailers, mobile operators, healthcare providers, and governments. The company, which pulled in revenues of more than $15 million last year, works in more than 42 countries and 11 languages. A2iA’s software is used by top U.S. banks as well as all banks in the U.K., 90% of French banks, and 90% of Brazilian banks. It is leveraged by more than 75,000 ATMs worldwide.

In the press release, James B. DeBello, CEO and Chairman of Mitek said that he anticipates the acquisition to help Mitek get ahead in the industry. He added, “Mitek’s Mobile Verify product will be able to read government-issued identity documents even more accurately and quickly than today, and authenticate them using A2iA’s advanced AI algorithms, thereby increasing companies’ trust that their customers are who they say they are.” The move will also double the size of Mitek’s Labs team, a group that has been behind each of Mitek’s 39 patents.

Mitek software is deployed in 6,100 U.S. banks, including all 10 of the largest U.S. financial institutions, and is used by more than 80 million end consumers. The company is publicly traded on NASDAQ under the ticker “MITK” with a market cap of $305 million. Mitek was founded in 1985 and is headquartered in San Diego, California. The company most recently demoed its MobileVerify solution at FinovateFall 2017. Earlier this month, Mitek made headlines when it agreed to deliver digital KYC for cryptocurrency broker BTCDirect.

Finovate Alumni News

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  • Mitek Acquires A2iA for $49.7 Million.
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  • Finovate Alums Take Top Honors at FinTech Breakthrough Awards.
  • PaySend Adds KYC and Risk Management Technology from 4Stop..

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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  • OurCrowd is set to hit $1 billion in crowdfunded assets in 2018.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

20 Finovate Alums Earn Spots on One World Identity’s Top 100 Influencers List

When you think about it, what’s cooler than being named to a Who’s Who list in the world of digital identities?

One World Identity, an independent identity research and strategy company that specializes in cybersecurity, digital commerce, and risk management, published its roster of the Top 100 Influencers in Identity this week. This year, 20 Finovate alums made the cut. The individual influencers – as well as the companies they work for- are listed below.

As with last year’s roster, this year’s list was compiled by taking nominations submitted via Twitter, LinkedIn, and at oneworldidentity.com. The staff and advisory council for One World Identity whittled down the initial list of more than 1,000 nominees to a final 100.

One World Identity began as a project from a group of Google employees back in 2015. The company was officially launched the following year as a way to help spur innovation and collaboration in the field of digital identities. Travis Jarae is founder and CEO.