Parascript for Banking & Finance

Automate your check capture, onboarding and loan processing

Smart Document Processing for Banking and Finance

Delivering multiple services across multiple channels including mobile is complex and costly. To improve efficiency and accuracy while simultaneously reducing costs, Parascript offers a wide range of document automation solutions for needs ranging from high volume check processing to complex loan applications. 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 increase efficiency, improve your data quality, reduce fraud and ensure compliance.

Check Data Extraction

Parascript offers a comprehensive SDK toolkit that recognizes 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

Parascript Fraud Prevention solutions detect counterfeit documents, signature forgery, content alteration, duplicate presentment and payee match discrepancies. Timely and comprehensive fraud prevention is key to mitigate losses, protect assets and improve customer service and loyalty. Parascript automated fraud prevention solutions can be deployed 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 match, restrictive 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

Parascript supports interactive onboarding and servicing by accurately extracting quality data from consumer documentation submitted for opening an account 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 data input requirements, fraud and “transaction friction.”

Loan and Mortgage Application Processing

Parascript software automates loan processing so that understanding, organizing and extracting data from your loan applications and associated documents becomes a simple process. Loan applications can easily exceed 500 pages and include many documents types and formats so that manual handling is typically expensive, error-prone and time consuming. Parascript 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.

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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