Mitek Systems Inc. last week announced the availability of commercial mobile deposit capture, the company's new mobile deposit product created specifically to meet the needs of business users. Commercial mobile deposit capture allows businesses of all types to capture important invoice documents and deposit checks from anywhere, with just a snap of the camera on a smartphone or tablet. 

"A large percentage of U.S. businesses still pay invoices by check, particularly those with sales, service or delivery personnel that collect payments in the field," said Bill Zayas, president and CEO of Miami-based payment processing solutions provider DadeSystems. "Mitek's advanced mobile imaging technology, combined with DadeSystems' patent-pending, Dade360 system, delivers significant value to clients by providing faster access to funds, reducing their days sales outstanding and eliminating the tedious manual processes typically associated with matching and posting payments. We are extremely pleased to partner with an outstanding technology leader like Mitek to help their customers achieve significant bottom-line benefits."

Financial institutions that already market mobile deposit to their retail consumers can now cross-sell commercial mobile deposit capture to their existing business customers, according to a press release. If a financial institution already offers mobile RDC services, commercial mobile deposit capture is intended to maximize its existing investment. But for smaller financial institutions or credit unions that don't offer desktop check scanners to their commercial customers, Mitek's new platform is a gateway for mobile RDC services.

"In our September 2014 survey of U.S. banks, we found that 100 percent of banks surveyed had plans to [adopt], or are considering adopting commercial mobile deposit," Bob Meara, senior analyst at Celent banking group, said in the Mitek press release. "What I found so noteworthy is that none of surveyed banks said they had no plans to offer it. That’s never happened before in my 10 years of research. 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."

With Mitek's new product, instead of waiting to return to the home office or bank to deposit checks, an employee can snap a photo of a check and the associated invoice for an instant deposit. In addition, the product can be customized so that employees can process payments from anywhere, without full access to corporate accounts. Commercial mobile deposit capture integrates with back office workflows, requires no special hardware and doesn't have the additional fees associated with processing credit card payments.

"Mobile deposit forever changed retail banking and is used by more than 33 million consumers and more than 3,300 financial institutions," James B. DeBello, Mitek president and CEO, said in a statement. "Now we are bringing it to commercial banking customers, including 28 million small and medium-size businesses, with a set of business focused features. Commercial mobile deposit capture results in faster funds availability and better cash management by pairing our proprietary invoice capture technology with all the speed, accuracy and mobility that users love."