Mitek Systems' Check Imaging Solution Installed at $5.7 Billion, Cathay Bank
December 09 2003 - 7:00AM
PR Newswire (US)
Mitek Systems' Check Imaging Solution Installed at $5.7 Billion,
Cathay Bank CheckQuest Implementation Readies Bank for Check 21
Compliance POWAY, Calif., Dec. 9 /PRNewswire-FirstCall/ -- Mitek
Systems, Inc. , a leading developer of check imaging and automated
document processing solutions, today announced that Cathay Bank of
Los Angeles, California, installed the CheckQuest(R) check imaging
solution purchased from Mitek Systems in a previous quarter. Cathay
General Bancorp , the one-bank holding company for Cathay Bank,
purchased the CheckQuest solution in Mitek's third fiscal quarter
of 2003. With total assets of $5.7 billion, Cathay Bank is the
largest of Mitek's bank customers to install the CheckQuest system.
CheckQuest enables the bank to take full advantage of the recently
passed Check Clearing for the 21st Century Act, or Check 21
legislation. Check 21 is expected to dramatically reduce bank
operating costs by allowing banks to substitute electronic check
images for paper checks in the clearance and settlement process.
The CheckQuest solution creates these electronic images, then
captures and automatically processes information from checks and
other items. Multiple high-speed document transports from Unisys
were installed by Mitek to run in conjunction with CheckQuest in
Cathay Bank's item processing operation. The installation of
CheckQuest provides numerous benefits to the customers of Cathay
Bank. The system enhances the bank's ability to provide its
customers with new and improved service, including access to
information through the Internet. "We have implemented CheckQuest's
Internet research capability in Southern California and are
currently evaluating a similar implementation in other key
markets," said Scott Kleinert, First Vice President, Information
Systems, Cathay Bank. "CheckQuest is enabling Cathay Bank to
streamline our item processing operation and capitalize on the
efficiencies of an image environment." Operationally, CheckQuest
has modernized existing item processing practices and provided many
improvements. As a result, CheckQuest will produce greater
efficiency in the back office and reduce costs long term. For
example, financial institutions such as Cathay Bank will be able to
exchange images instead of transporting paper checks as a result of
the new image environment created by the Check 21 legislation.
Cathay Bank's executive team chose the Mitek solution because they
believe it offers leading-edge features and functionality, enabling
the institution to better serve retail and commercial customers.
"We are excited about the installation of CheckQuest at an
institution the size and prominence of Cathay Bank," said Noel
Flynn, Mitek's Vice President of Operations. "Mitek's team of
installation experts and customer support representatives has been
working very closely with the bank to improve operational
efficiencies and bring greater banking convenience its customers."
About CheckQuest CheckQuest provides banks and other institutions
with a high-performance, check imaging solution. CheckQuest's
unique, patent-pending process that combines check reading, forms
processing and document identification capabilities is built into
the system and designed to improve the balancing efficiency and
overall workflow of banks. The CheckQuest system can process any
number of bank documents without the aid of a Magnetic Ink
Character Recognition (MICR) line or forms redesign that is often
required with other traditional proof of deposit systems. About
Cathay Bank Cathay General Bancorp, Inc. is the one-bank holding
company for Cathay Bank, a California state-chartered bank. Cathay
Bank was founded in 1962, the oldest Chinese-American bank in
Southern California, and offers a wide range of financial services.
Today, Cathay Bank has total assets of approximately $5.7 billion
and deposits of approximately $4.4 billion. Its service network
extends from California to New York and Massachusetts on the
Eastern Seaboard, north to the state of Washington, and south to
Texas. Overseas, it has a presence in the three important
commercial centers in the Asian-Pacific Rim: Taipei, Shanghai, and
Hong Kong. For more information about Cathay Bank, visit
http://www.cathaybank.com/. About Mitek Systems Mitek Systems is a
premier provider of check imaging software and check fraud
protection solutions for the banking industry, and an established
global supplier of embedded software recognition engines. Mitek
develops recognition technology using advanced neural networking
techniques and deploys this expertise in fraud prevention, check,
financial document and forms processing applications. These
applications automatically process over 8 billion documents per
year for a variety of OEMs, reseller partners and end users. For
more information about Mitek Systems, contact us at 14145 Danielson
Street, Suite B, Poway, CA 92064; 858-513-4600 or visit our Web
site at http://www.miteksys.com/. Forward-Looking Statement
Disclosure With the exception of historical matters, the matters
discussed in this news release are forward-looking statements that
involve risks and uncertainty. Forward-looking statements include,
but are not limited to, statements relating to the development and
pace of sales of the Company's products, expected trends and growth
in the Company's results of operations, projections concerning the
Company's available cash flow and liquidity, anticipated
penetration in new and existing markets for the Company's products
and the size of such markets, anticipated acceptance of the
Company's products by existing and new customers, the ability of
the Company to sustain any growth in sales and revenue and the
increase in sales representatives and other personnel. The
Company's actual results could differ in such forward-looking
statements. There can be no assurance that the Company will achieve
the results set forth herein. Mitek, Mitek Systems and CheckQuest
are registered trademarks of Mitek Systems, Inc. All other product
or company names may be trademarks or registered trademarks of
their respective holders. For further information, please contact
James B. DeBello of Mitek Systems, Inc., +1-858-513-4600, .
DATASOURCE: Mitek Systems, Inc. CONTACT: James B. DeBello of Mitek
Systems, Inc., +1-858-513-4600, Web site: http://www.miteksys.com/
http://www.cathaybank.com/
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