Mitek’s Mobile Deposit® Processes More Than Two Billion Checks, $1.5 Trillion in Cumulative Check Value

Mitek (NASDAQ:MITK) has announced that its Mobile Deposit has processed more than two billion check deposits totalling roughly $1.5 trillion in value.

As quoted in the press release:

“Just 18 short months after Mobile Deposit surpassed the one billion mobile check deposits milestone, we have already processed another billion checks,” said Michael Diamond, SVP and General Manager, Payments, Mitek. “More than 80 million consumers use Mobile Deposit because they love the convenience of the digital channel for check deposit, and more than 6,100 U.S. financial institutions use Mobile Deposit for billions saved in operating costs.”

Since its creation, Mobile Deposit has saved banks an estimated $5 billion in operating costs. It has also saved consumers more than 830 million hours and kept an estimated 11 million tons of CO2 out of the atmosphere by allowing consumers to skip the drive to a bank that was once required to deposit a check.

Mitek’s Mobile Deposit solution is widely recognized as the de facto standard in the industry. Ninety-eight percent of financial institutions that offer mobile deposit services, choose to offer Mitek’s solution over competitive technologies, including 99 of the top 100 U.S. banks. Current usage of Mobile Deposit is predominately in retail banking, but the solution is increasingly being used by small businesses and charitable organizations as well.

Click here to read the full press release.