SAN DIEGO (7/10/13)--Mitek, a provider of remote mobile-deposit technology, has been issued a U.S. patent on an application that allows consumers to transfer credit card balances on mobile devices.
The app is being piloted at San Diego (Calif.) County CU.
"Over the past three decades, Mitek has invested heavily to create the key building blocks needed to perform intelligent mobile imaging," said Michael Strange, Mitek chief technology officer. "These tools are substantially different from classic optical character recognition methods, which we have extended and expanded for use in mobile applications."
The patent for "Systems and Methods for Obtaining Financial Offers Using Mobile Image Capture," the company's 16th U.S. patent, describes the process of capturing an image of a credit card statement and being presented with organized, targeted offers to transfer the balance.
San Diego County CU, with $6 billion in assets, launched the application in May. It allows Visa card holders to transfer their credit card account balances from other financial institutions to a San Diego County CU Visa credit card using an Apple iPhone or Google Android.
Several other financial institutions are preparing to launch the new technology, Mitek said.