The US’s fifth largest commercial bank USBank has partnered with mobile imaging software developer Mitek on a mobile deposit service.
Mobile Photo Bill Pay allows customers to set up bill payments by taking a photo of the bill or remittance coupon on a camera enabled smartphone or tablet. The device then extracts the relevant information from the paper bill and auto-populates the fields required for a mobile payment.
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The product will be available to USbank account holders from early 2013 and the bank claims it is the first financial institution to offer such a service.
James DeBello, Mitek Systems president and chief executive, said: "We believe that Mobile Photo Bill Pay is the next killer app for financial services, and we’re delighted that US Bank is leading the mobile banking charge. Together we will redefine what consumers expect from their mobile banking experience with the convenience of anywhere, anytime deposits, bill payments and more."
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By GlobalDataComment: US Bank m-payments initiative is the start of the avalanche
