Charlotte, NC – Viewpointe, a well-known hosted content service provider, has partnered with Mitek Systems , Inc. (NASDAQ: NASDAQ: ) is a leader in mobile deposit and fraud prevention technology. The partnership aims to enhance financial institutions’ fraud detection capabilities and address the surge in check fraud incidents.
The partnership enables joint customers to more effectively integrate solutions, accelerating their ability to combat check fraud. The urgency of this measure was underscored by a U.S. Treasury Department report showing a 385% increase in check fraud since 2020. $24 billion.
Viewpointe chief commercial officer Susan Blackburn highlighted the importance of the alliance with Mitek, saying: “Partnering with Mitek marks an important milestone in our ongoing commitment to help protect the financial industry and consumers from the escalating threat of check fraud. . Mitek’s Check Fraud Defender uses imaging science, machine learning and artificial intelligence in a cloud-hosted alliance to analyze data and reduce check fraud losses.
Kerry Cantley, Vice President of Digital Banking Strategy at Mitek, expressed enthusiasm for the partnership and highlighted the proactive approach to fraud prevention it represents. The combination of Viewpointe’s content and compliance expertise with Mitek’s Check Fraud Defender alliance is expected to set a new benchmark in banking fraud prevention.
Viewpointe is known for its managed content and data services tailored for large, highly regulated enterprises. Since its founding in 2000, Viewpointe has been a trusted partner to the nation’s leading financial services companies and has been consistently recognized on the IDC FinTech 100.
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Mitek is the global leader in digital access, with advanced authentication technology trusted by 99% of U.S. mobile checking deposit banks and 7,900 global organizations. The company’s solutions are designed to provide secure and efficient digital access while meeting regulatory requirements.
The announcement is based on a press release describing a collaborative effort between Viewpointe and Mitek to strengthen defenses against the banking industry’s growing check fraud challenges.
Investment Professional Insights
As Mitek Systems, Inc. (NASDAQ: MITK) enters into a strategic partnership with Viewpointe to enhance fraud detection in financial services, the company’s financial health and market performance provide additional context for the collaboration. Mitek, currently valued at $663.49 million, is focused on growth and profitability in the highly competitive technology sector.
one of the Investment Professional Tips Highlighting the company’s expected net profit growth this year, this is consistent with the positive initiatives Mitek is taking, such as its partnership with Viewpointe. Analysts are also confident in Mitek’s prospects, with three of them upgrading earnings for the period ahead, indicating the potential for a positive financial trajectory amid its market expansion efforts.
Looking at financial data, Mitek’s gross profit margin was as high as 85.58% in the past 12 months as of the second quarter of 2024, reflecting its strong ability to manage production and operating costs relative to revenue. While revenue growth declined slightly during the same period, at -3.54%, the company’s liquid assets exceed its short-term debt, indicating that it is in a solid position to handle short-term financial commitments.
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Investors and industry observers may also note Mitek’s recent share price performance, with shares rising sharply by 30.57% over the past six months and strong returns of 17.29% over the past three months. These indicators underscore the market’s underlying confidence in the company’s strategy and execution.
For those looking for deeper analysis and more insights, InvestingPro offers a comprehensive list of tips for potential investors. For example, more tips on Mitek’s financial health and market performance can be accessed on InvestingPro.To enrich your investment research experience, please use the coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount.
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