Mitek (NASDAQ:MITK) (www.miteksystems.com), a leading innovator in mobile capture and identity verification solutions, today announced the availability of Photo Verify. This groundbreaking ID document verification solution combines Mitek’s advanced computer vision technology and best in class auto capture experience with the ability to decode enhanced security features embedded in most U.S. driver licenses. These security features cannot be read by other document validation products and are enabled by a partnership in financial services with MorphoTrust USA, a leading provider of security solutions.
Photo Verify assures that the authenticated ID is genuine, unaltered, and government-issued. It enables banks, insurance companies and other organizations to safely and securely acquire new customers and complete high value transactions in the mobile channel. This capability is especially important for organizations operating in regulated markets. Photo Verify can also help banks raise Mobile Deposit limits by instantly verifying the identity of person making a deposit on their mobile device.
“As America’s first absolutely no-fee, online and mobile bank, instant ID verification helps us say yes to more good customers by offering them a great experience while minimizing our risk,” said Luvleen Sidhu, Chief Strategy and Marketing Officer at Bankmobile.
“We are the industry’s first and only provider of mobile ID verification that captures and decodes imperceptible data contained in advanced security features on most U.S. driver licenses,” said James B. DeBello, president & CEO, Mitek. “This solution provides consumers an easy experience to create a trusted identity with their financial institution anytime, anywhere. For institutions, Photo Verify improves Know Your Customer (KYC) processes in the mobile channel.”
Money 20/20 attendees can see a demo of Photo Verify in booth number 1743 October 26 – 28 2015 in Las Vegas, NV.