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October 23, 2015

Mitek Secures Contract with Undisclosed Online Payments Giant

Mitek has long been recognized as a leading innovator when it comes to the mobile platform. The company has put together applications that work in the capture and identity solutions. Earlier this week, the firm announced one of the top online payment companies in the entire world has started using its mobile identity verification solution, Photo Verify. The company will be using this particular solution in order to verify the identity of mobile customers worldwide.

While the identity of the larger company hasn’t been divulged, Mitek says it will be using the company’s solution in order to strengthen its security when it comes to the customer experience as well as businesses processes. "Customer acquisition and payments are increasingly moving to the mobile channel, making verification more important than ever, especially for companies operating in regulated markets," said James DeBello, president & CEO, Mitek in a recent statement. "Our Photo Verify solutions are helping this company transact safely, securely and efficiently in the mobile channel.”

These kinds of security ventures are only becoming more popular as we move further into the 21st century. While passwords were once considered to be enough to keep hackers away from your information, that’s long since been proven wrong. Now there are all kinds of companies looking for new ways to get as much security as possible. Multi-factor authentication is getting that much bigger to the point where there are more than a few industry analysts who think the market is going to explode in the new few years.

One insider publication, MarketsandMarkets has actually said they believe the mute-factor market could become a greater than $10.7 billion market by the end of 2020. The company that is using Mitek’s solutions clearly thinks that firm’s mobile capture and verification technology is going to help them become a leader in this field.

Edited by Kyle Piscioniere

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