Mitek is bringing to market Mobile Photo Bill Pay, which uses a customer’s smartphone camera to capture the data on a paper bill and import into into his bank’s (or prepaid card’s) online bill pay service.

This service was announced more than a year ago and won a Best in Show award at Finovate 2011. The date for the first FI-branded release of Mobile Photo Bill Pay is still under wraps. “There will be announcements shortly,” said Mitek CEO Jim DeBello.

When asked about the value proposition for Mobile Photo Bill Bay (MPBP doesn’t roll off the tongue quite like RDC) DeBello said, “Online billpay has plateaued. Creating a payee list can be time-consuming, and you’re tethered to a computer. On top of that, customers may have as many as four to eight new billers a year.”

Mobile Photo Bill Pay populates a complete online biller profile with just the click of a camera.

It is DeBello’s hope that paying bills with your smartphone camera will be as powerful a value proposition as depositing checks. DeBello said that Mitek will use its RDC and MPBP technologies to position itself as a company that enables a mobile, on-the-go lifestyle.

UPDATE: US Bank announces it is implementing Mobile Photo Bill Pay in early 2013.