Longmont, CO, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Today, Parascript, which supplies the digital workforce with automated document classification and data entry solutions that process over 100 billion documents annually, released the next edition to the CheckXpert.AI family: CheckXpert.AI France. With superior check recognition offering the highest read rates, CheckXpert.AI typically reduces costs by more than 80% over other check recognition solutions on the market today.
Using the same advancements in machine learning as CheckXpert.AI, CheckXpert.AI France processes payments with better than human accuracy and speed. Making full use of CheckXpert.AI France, financial institutions and system integrators can now easily extract the check amount, MICR line, check sum, date, payor block and more from their French checks, allowing check data location, extraction and verification with unprecedented ease and accuracy.
“We’ve had incredible interest in CheckXpert.AI in the relatively brief time that it’s been available with many requests from France for its ‘better than human accuracy’,” said Alexander Filatov, Chief Executive Officer at Parascript. “We attribute this to the fact that the automation of transactional, low-value tasks is more important in 2019 than ever before as banks look to further transform their branches so they can focus on their higher value interactions.”
Leveraging CheckXpert.AI France, the financial industry can further improve customer experience and support their multi-channel strategies while simultaneously reducing costs. Customers expect quick, quality service whether they are at a branch or remote via a laptop or mobile device. CheckXpert.AI France immediately reads, extracts and verifies all of the data from checks, such as amounts, dates and signatures so that customers no longer experience any processing delays.
"The banking industry has faced setbacks in full branch transformation due to software limitations. CheckXpert.AI France uses the latest advancements in deep learning to address these challenges in check processing,” Greg Council, Vice President of Marketing and Product Management at Parascript explained. “Because it reads check data fields and MICR with better than human accuracy and speed, banks now have a powerful tool to reduce costs, optimize operations and boost branch ROI so that bank tellers can focus on customers’ more complex financial needs.”
CheckXpert.AI France automatically locates and recognizes the following field types standard in most documents:
- Amount. CheckXpert.AI France automatically locates and reads the standard courtesy and legal amount fields on personal and business checks.
- MICR Line. CheckXpert.AI France automatically locates and reads the MICR line on bank documents and produces results on the field and character level.
- Check Sum. CheckXpert.AI France locates and reads the Check Sum field on personal and business checks.
- Date. CheckXpert.AI France automatically locates and reads the Date field on a check.
- Payor Block. CheckXpert.AI France automatically locates and reads the Payor block on a check. This field contains the Payor name (or Company name), the Payor address and the Payor city (zip code and city name).
- Amount Verification (CAR/LAR mismatch detection). CheckXpert.AI France executes a CAR/LAR mismatch test every time it reads the courtesy and legal amount fields. If both the CAR and LAR results are different from each other, then a confidence value of mismatch is returned as an answer.
- Presence. Defines the Amount, Signature, Payee name, Place and Date present on the front side of a check, and that the Endorsement is present on the back of a check.
About Parascript, LLC
Parascript supplies the digital workforce with document automation solutions focused on transactions, information governance, fraud prevention and business processes. Parascript provides advanced capture leveraging machine learning with real-time adaptability and zero configuration. Our software offers easy-to-use, image-based analysis, classification, data location, extraction and verification. More than 100 billion documents for financial services, government organizations and the healthcare industry are analyzed annually by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Our BPO, service provider, OEM and value-added reseller network partners leverage, integrate and distribute Parascript software in the U.S. and across the world. Visit Parascript and Parascript CheckXpert.AI.
Attachment