Mobile payment firm Mitek said its newest payment service will allow credit unions to offer members with business accounts the ability to accept mobile deposits.
The San Diego-based firm said credit unions that already offer mobile deposit capture to their personal accounts will be able to build on that experience and investment to offer the same ease and convenience to small business accounts.
Like retail deposit capture, the commercial application will allow a small business to capture and deposit checks in the field without having to return to an office or branch, according to Sarah Clark, vice president of product at Mitek. Add-on features include the ability to take a picture of the invoice associated with the checks.
Recommended For You
Clark said Mitek built on the experience and popularity mobile deposit capture has had in the retail market to design its commercial product.
Mobile deposits are used by more than 33 million consumers and more than 3,300 financial institutions, according to James DeBello, Mitek president/CEO.
"Now, we are bringing it to commercial banking customers, including 28 million small- and medium-sized businesses, with a set of business focused features," DeBello said.
In Celent's September 2014 survey of U.S. banks, 100% of banks surveyed said they had plans to or are considering adopting commercial mobile deposit, Bob Meara, senior analyst at Celent's Banking Group, said.
"What I found so noteworthy is that none of surveyed banks said they had no plans to offer it. That has never happened before in my 10 years of research," Meara said. "We attribute this to the fact that in addition to being a customer acquisition and retention tool for financial institutions, a commercial mobile deposit solution directs business customers toward the lower cost, self-service mobile channel."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
