Mitek Systems. has been granted a patent for a system that utilizes a Check Image Record (CIR) database to store and analyze features from reference checks. The method involves verifying the authenticity of new checks by comparing their features with stored data and updating the CIR as needed. GlobalData’s report on Mitek Systems gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Mitek Systems, Mobile check deposit processing was a key innovation area identified from patents. Mitek Systems's grant share as of July 2024 was 63%. Grant share is based on the ratio of number of grants to total number of patents.
Check authentication system using feature comparison and scoring
The patent US12039823B2 outlines a method and system for managing Check Identity Records (CIR) across multiple financial accounts. The method involves utilizing at least one hardware processor to store a CIR that includes various features derived from reference checks associated with each account. For each deposit request that includes an image of a new check, the system confirms the authenticity of the check by comparing features from the new check image with those stored in the CIR. The method also includes a mechanism for updating the CIR by potentially replacing an existing reference check with the new check, based on a comparison of differences between the features of the new check and those in the CIR and modified CIRs.
The claims detail a structured approach to determining whether to update the CIR, emphasizing the importance of comparing the first difference (between the new check and the CIR) with at least one second difference (between the new check and modified CIRs). The system can decide to replace either the oldest reference check or the one with the maximum difference from the new check, ensuring that the CIR remains current and relevant. Additionally, the patent describes the use of a non-transitory computer-readable medium that contains instructions for executing this method, further solidifying the technological framework for managing check authenticity and record updates in a financial context.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
