Parascript, which provides document analysis software that processes over 100 billion documents each year, today announced the availability of CheckXpert.AI 2.0 that now includes the broadest range of data support for checks based on new machine learning algorithms.
“CheckXpert.AI achieves better than human performance so banks and credit unions experience significantly less need for human intervention enabling more instantaneous transactions. CheckXpert.AI is getting widely adopted as part of branch transformation initiatives making it easier for staff to focus on higher-value interactions. CheckXpert.AI automates those transactional, tedious yet important tasks,” said Ati Azemoun, Parascript’s Vice President of Business Development.
In addition to the industry’s best CAR/LAR performance, CheckXpert.AI 2.0 now includes key capabilities that further enable financial institutions to digitally transform their operations in areas including compliance, fraud prevention and know-your-customer initiatives. Reliable data capture is made possible with functionality such as CAR/LAR mismatch detection, Check Number extraction, Date field extraction, Payee line extraction and verification (to support payee match, depositor verification, black list and white list) as well as Payor block reading and Signature presence detection. High-quality data is extracted automatically without the need to pre-configure the system.
“CheckXpert.AI frees financial operations teams to focus on meeting their customers’ more complex financial needs,” said Mr. Azemoun. “The customer experience is improved by providing the highest accuracy for check processing, and new Payee match processes help support fraud prevention and compliance initiatives.”
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)
Today, the CheckXpert.AI family 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.
About Parascript, LLC
Parascript software, driven by data science and powered by machine learning, configures and optimizes itself to automate simple and complex document-oriented tasks such as document classification, document separation and data entry for payments, lending and AP/AR processes. Every year, over 100 billion documents involved in banking, government, and insurance are processed by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Visit Parascript.