Payment technology

U.S. Bank to provide customers with Mitek Mobile Photo Balance Transfer feature

U.S. BankU.S. Bank, the nation’s fifth-largest bank and head of U.S. Bancorp, and Mitek Systems recently signed an agreement to allow the bank to offer its mobile banking customers the Mitek Mobile Photo Balance Transfer feature.

The feature will allow customers to take a photo of a credit card payment coupon using a mobile device and send it to the bank to apply for a balance transfer to a U.S. Bank credit card. Standard eligibility and credit approval is required.

“U.S. Bank recognizes the power of mobile imaging and its ability to enhance our customers’ experience by giving them new and innovative ways to access and manage their banking relationship with us,” Niti Badarinath, the senior vice president and head of mobile banking at U.S. Bank, said. “This is our third innovative mobile imaging service, following DepositPoint, mobile check deposit and Mobile Photo Bill Pay, which was launched in March.”

The bank will be the first major bank to offer the service, beginning next month. The bank also plans to make Mitek MiSnap available to customers in the first quarter of next year. Mitek MiSnap automatically captures the best possible photo without requiring the customer to take a photo.

“It is a pleasure working with U.S. Bank to redefine what consumers expect from their mobile banking experience,” Mitek President and CEO James DeBello said. “Using our patented mobile balance transfer process, U.S. Bank can bring the power of mobile imaging to a traditional balance-transfer marketing program.”

As of Sept. 30, U.S. Bancorp had $361 billion in assets. It has 3,088 banking offices in 25 states and nearly 5,000 ATMs across the country.

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