I trust that
if RDC.com is truly an independent website with
the best interests of the RDC industry in mind,
they’ll let this conversation proceed…
especially since they haven’t published an
It appears as if,
based upon legal document filings
that MITK started a process against USAA (in March of 2012)
to try and get them to license their mobile deposit technology
(based upon the premise of patent infringement).
USAA was clearly pissed, and filed a lawsuit in
court claiming that USAA did not infringe any patents,
and “USAA seeks recovery for Mitek's misappropriation of USAA's
proprietary information, breach of contract, fraud and fraudulent inducement,
and unjust enrichment. USAA also seeks injunctive relief.”
You can read the entire court document by clicking: http://www.scribd.com/priorsmart/d/87402654-United-States-Automobile-Association-v-Mitek-Systems
This begs a few serious questions for the industry (and for Mitek and USAA):
- What happens if USAA Wins?
o What happens to the majority of banks who have licensed MITK’s technology to offer Mobile Deposit? These banks include JPMC, BofA, and most of the top 25 banks, not to mention probably hundreds more financial institutions.
- What happens if Mitek wins?
o What happens to the USAA customer base?
o What happens to others who have some form of Mobile Deposit, but not through MITEK?
- What is a likely timeline? When might we see a court date? –Or is an out-of-court settlement more likely?
- Is this really a big deal? Some people think so… MITK stock plummeted 20% today.
- Until things become clearer, what is the impact upon the industry? Will your FI continue with their mobile deposit rollout unchanged?
Let’s see what the “experts” think… your turn to post something.