Snap Pic of Any Invoice and the Bank Pays It
Mitek Systems will today introduce Mobile Photo Bill Pay, a system that allows snapping a photo of any bill and having it paid from customer’s accounts at participating financial organizations. The new smartphone method works similar to the firm’s photo deposit app that makes it easy to remotely make bank deposits from a photo of a physical check. The bill pay app will be available for the iPhone, followed shortly by versions for Android and the BlackBerry.
Taking a photo of a paper invoice is straightforward; the challenge is correctly interpreting the pertinent information in the bill to provide the correct information to the bank for payment. Invoices vary in layout and content, and Mitek’s system is able to interpret the picture taken of the bill and correctly determining the information needed by the bank’s e-pay system for payment. The app presents the interpreted information to the customer for verification and authorizes the bank to pay the bill by tapping the Pay button. The interpreted information is stored by the application to aid in the processing of future bills to the same payee.
Carolyn speaking: Not sure about this - I love the concept - but everything being virtual messes with my mind - I guess I need my senses used and actually touch my bills - that way when I pay them I can snack on my chocolate and tequila.............and get satisfaction!
