Parascript, which offers advanced capture software that processes over 100 billion documents annually, today launched CheckXpert.AI that reads check amounts and MICR with better than human speed and accuracy. As banks continue to transform branches to support higher-value interactions, automation of transactional, low-value tasks is crucial. Based upon new deep learning neural networks, CheckXpert.AI offers the financial industry the ability to continue to improve customer experience, supporting a multi-channel strategy while also reducing costs.
“CheckXpert.AI is the ‘virtual teller’ for banking customers’ remote deposit and branch transformation needs,” said Bill Johnson, Vice President of Global Sales at Parascript. “CheckXpert.AI frees bank tellers to do the real work of improving the customer experience and meeting their customers’ more complex financial needs.”
Today, CheckXpert.AI offers the industry’s highest accuracy check recognition. By leveraging Parascript’s proprietary deep learning algorithms, CheckXpert.AI processes checks in a significantly smarter, more human-like way. CheckXpert.AI takes care of the full stream of documents for Proof of Deposit (POD) and Remittance applications. This includes:
- Business checks
- Personal checks
- Internal checks
- Deposit slips
- Money Orders
- Traveler Checks
- Image Replacement Documents (IRDs)
In addition, CheckXpert.AI automatically locates and recognizes:
- Courtesy and legal amount fields on personal and business checks, cross validates them and returns an aggregated result for the amount on a check;
- Total numeric amount field on other documents; and,
- MICR line on bank documents and produces results on field, sub-fields and character level.
Parascript Appoints New VP of Business Development
Coinciding with the release of CheckXpert.AI, Parascript has appointed Ati Azemoun to the new position of Vice President of Business Development at Parascript. He will be responsible for new business development and revenue growth for all deposit automation, item processing and payment transaction-related solutions as well as expansion of Parascript capabilities to support other strategic banking initiatives.
Azemoun brings a wealth of experience and history of success across a broad spectrum of business and large strategic partnerships. Prior to joining Parascript, Azemoun led Sales operations and new business development at A2iA Corp. He has extensive sales management experience, delivering OEM solutions for the Financial Services, Healthcare, Insurance and Government industry verticals through a variety of ISV partners, as well as bespoke services extended by BPO and reseller channels. At Parascript, Ati plans to expand the Parascript partner network.
CheckXpert.AI takes check processing to the next level of accuracy and speed…
“Parascript is already a well-established solution provider for deposit automation and payment transaction-related solutions. CheckXpert.AI takes check processing to the next level of accuracy and speed so it’s an optimal time to be joining the Parascript team,” said Azemoun. “Financial institutions operate in a much more complex environment related to regulations and risk management. As a result, they require automation solutions that meet their current and future needs, not just for payments, but for the related business processes.”
“We are excited to have Ati Azemoun as the newest member of our executive team,” said Johnson. “Ati brings with him significant experience automating the document-intensive processes core to the financial services industry. He will be instrumental in helping Parascript expand its footprint in this industry beyond payment processing. And we will be announcing other fintech-oriented products using deep learning in the very near future. These will definitely raise the bar with respect to performance and we are looking forward to Ati Azemoun spearheading the partner network for the most effective transaction solutions in the marketplace today.”
About Parascript, LLC
Parascript automates the interpretation of meaningful, contextual data from image and document-based information to support transactions, information governance, fraud prevention and business processes. Parascript provides Smart Learning advanced capture for any document with any data from any source with its easy-to-use, image-based analysis, classification, data location, data extraction and verification technology. 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.