Parascript for Banking & Finance

Automate your check capture, onboarding and loan processing

Parascript for Banking & Finance

Automate your check capture, onboarding and loan processing

Document Automation SDKs from Parascript Power the Real-time Customer Experience

The ability to enable anywhere, real-time customer experiences for any type of banking need is the critical benchmark for leading financial services firms. Customers expect the ability to initiate and manage their banking relationships with the same level of capability as a branch visit but without the hassle.

High expectations include interactions that involve documents including checks, IDs and other needed information where potential headaches can arise through the need for customers to identify documents or perform data entry and these processes can stretch for days if bank staff are required to review and verify the data.

Enable real-time transactions with your customers through Parascript  document automation solutions that ensure fast and automated verification of key document-based information without the traditional wait. Using Parascript software, customers can take photos and upload necessary information without any data entry hassle and receive near-instant verification of submitted data in seconds instead of waiting for bank staff to manually confirm receipt. Use Parascript check automation software to enable instant verification of amount and date enabling rapid same-hour deposits.

Parascript also supports compliance and risk reduction through our automation of complex document analysis. Regardless of channel—such as remote deposit, teller, Web, ATM or mobile device—Parascript technologies help you enable the 21st century customer experience while increasing efficiency, improving your data quality, reducing fraud and ensuring compliance.

Check Data Extraction

Enable real-time deposits regardless of where they occur. Parascript offers a comprehensive SDK that automatically classifies checks in mixed streams and includes support for personal checks, business checks, deposit slips, substitute checks (IRDs), money orders and travelers’ checks. High accuracy data results are provided, despite common challenges such as different formats with varying backgrounds and noise, as well as highly diverse styles of handwriting and text quality.

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Fraud Prevention

Catch potential fraud issues where they occur and in real-time without the typical customer annoyance. Banks need to remain vigilant regarding fraud, but these efforts cannot adversely impact the customer experience.

Parascript Fraud Prevention SDKs detect counterfeit documents, signature forgery, content alteration, duplicate presentment and payee match discrepancies in real-time to catch problems as they occur.

Parascript automated fraud prevention software can be deployed within core banking systems in both front or back office environments and enable financial institutions to identify more suspect transactions in much less time, inspect all transactions rather than just high value amounts, and reduce false positives through improved accuracy rates. Parascript Fraud Prevention includes payee matchrestrictive endorsement and signature verification.

Know Your Customer | Compliance

Automation from document identification to location, extraction and validation of key data helps streamline compliance, reduce workload and ensure you meet KYC requirements while giving you a more accurate assessment of risk.

Parascript technologies turn a manual, error-prone, expensive and slow process into a real-time analysis of submitted documentation. From automated document identification to location, extraction and validation of key data such as name and address, Parascript helps streamline and automate key components of KYC compliance.

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Mobile Onboarding

The onboarding experience is one of the most sensitive to customer expectations. The ability to streamline document submission and receive real-time responses is paramount to success.

Parascript supports interactive onboarding and servicing by accurately identifying submitted documents and extracting quality data for opening an account or initiating a new request via a smartphone or through any other channel. In the background, Parascript software provides sophisticated document analysis. It automatically classifies, sorts, extracts and validates the necessary information in order to reduce “transaction frictions” such as data input requirements and delays in verifying receipt.

Loan and Mortgage Application Processing

Compliance within the process of documentation review for loans has placed a significant strain on existing processes and caused significant increases in costs. However, reliable automation is here. Automation enhances compliance and can significantly increase throughput while reducing costs.

Parascript machine learning software automates loan processing so that understanding, organizing and extracting data from your loan applications and associated documents becomes a simple process. Turn your error prone and costly documentation review process into a compute-time problem. Parascript automatically classifies and separates documents and locates, extracts and verifies data from 100s of fields within a loan package at a fraction of the cost and with high quality results. With Smart Learning, it automatically optimizes performance and maintains it once in production.

READY TO CHAT?

We’d like to find out more about your business needs.  Please feel free to contact us as soon as you’re ready.

Contact Us or call us today at  888.225.0169

NEED TECHNICAL SUPPORT?

We’re here to answer any questions you may have. Our technical support department is on hand and ready to assist your needs.

Call 888.772.7478 or email techsupport@parascript.com