Jake Roberge: Very helpful. And then if I could just sneak one more in. In the past you’ve talked about the conversion of more checks to mobile deposits still being the largest growth driver for that segment. But as you look into next year, do you still think that’s the case? Or could that shift towards Check Fraud Defender given the traction you’re seeing there, or potentially even just kind of the pricing levers that you have as contracts come up for renewal in 2024?
Max Carnecchia: It’ll be interesting to see how long it takes for Check Fraud Defender to eclipse the growth, the impact on growth from just mobile check adoption on a mobile banking app. I don’t know that I want to predict that just yet for some of the things we already talked about, its early days for Check Fraud Defender or the implementation cycle, some of that stuff. But it’s very clear that that, that market is real and it’s not just around defending against checks. What we’re seeing now with the integration with MiVIP is that, we’re taking things from the dark web. We’re providing Identity attributes. There is a big — hypothesis currently is there’s a bigger opportunity there over time to help financial institutions with other forms of reduction of payment fraud, not just the use of checks.
Jake Roberge: Very helpful. Thanks for taking my questions.
Max Carnecchia: You got it, Jake.
Operator: Our next question will come from Mike Grondahl with Northland Securities. You may now go ahead.
Mike Grondahl: Hey, guys, thanks, and congrats on getting your filings all caught up. I just want to make sure I understand the fourth quarter, the implied in your guidance is $36 million of revenue and that’s clearly a step down from the last three quarters. Did I hear right that’s primarily because the mobile deposit reorders were kind of pulled forward and there’s some lumpiness with some new mobile ID customers? In related to that, was there any promotional activity to callout with mobile ID?
Max Carnecchia: Yes. I think just the first part of your question, I wouldn’t use the term full forward. I would say that on whatever their normal need is, some of the larger orders for mobile deposit happened earlier in fiscal 2023 than later in fiscal 2023. But we stand behind the Deposits business nothing’s changed. I mean, when you zoom out and this is how we ask our investors to look at it, not look at it on a month-to-month or quarter-to-quarter basis, but look at it over the full-year and the Deposits business this year is going to grow 20%. Yes. That’s the way you got to look at it. As we look into next year, we’re not going to necessarily provide guidance. But other than the really tough comp we’re going to have in Q1, because of the FY2023 Q1 $7 million revenue that Fuad was mentioning in his remarks.
We continue to see the business on hold, being a solid growth business and we’re doing everything we can with the price increases, more adoption for mobile check deposit or the Check Fraud Defender and all the great traction we’re getting there. So it’s a solid great business and we look forward to it being that way for a long time.
Mike Grondahl: Got it. Then mobile ID, any promotional revenue to callout in the quarter?
Max Carnecchia: Yes. When you say promotional revenue, I think we’ve talked about this. But just for maybe folks that are dialing-in new, the transaction volumes associated with Identity verifications and authentications at times are tied to promotions that let’s use a bank as an example, that a bank can be running to be able to get their competitors banking clients to switch. And so we did see that in the first half of our fiscal year where there were some pretty significant promotions there. If I just reflect on the first three quarters of the year, we’ve seen some really nice growth, particularly largely driven in some of the new product areas, so biometrics, HooYu and now MiVIP and MiPass. So while there’s some challenging elements to the environment out there, I think this is one that we expect the same way we’ve talked about targeting 18% year-over-year growth for identity in FY2023.
