Image analytics and pattern recognition software firm Mitek Systems is all geared up to take mobile banking to the next level with its ImageNet Mobile Deposit - the first mobile banking software that extends mobile payments and paper check deposit capabilities to millions of customers who use camera phones.

These new financial services complement the existing mobile banking features such as balance inquiry, fund transfers and electronic bills payments. More importantly, it adds value for many banking customers who lack the time to pay their bills and deposit money.

Compatible with any mobile devices equipped with 2 megapixel camera or higher and Windows Mobile or Symbian OS, this application is very easy to use. Here's the basic guide:

To make a deposit, the user initiates a mobile banking session, keys in the deposit amount, and snaps a photo of the front and back of the check. The software captures the images and recognizes and extracts the check's Courtesy Amount and Legal Amount (CAR/LAR). Before transmitting data to the bank, ImageNet Mobile Deposit confirms the check images meet Check 21 accepted image quality standards. Once the bank's system receives the deposit, it sends the customer a confirmation text message.

The same process works with payment of paper bills. While the idea is brilliant, will the general public embrace this technology? I'm sure security issues will also be the utmost concern.

For more technical details visit ImageNet Mobile Deposit.