December 1 – Parascript, the pioneer in data extraction powered by machine learning, today announced the new release of CheckPlus International, the check processing engine that automates check courtesy and legal amount recognition (CAR/LAR), MICR Lines, payee line field, date field, and account number on the back of the check, among other country-specific fields. CheckPlus International now supports the United Kingdom in addition to supporting Argentina, Australia, Brazil, Canada, Chile, Colombia, Ecuador, France, India, Italy, Malaysia, Portugal and Puerto Rico. With significant read rate improvement on CAR/LAR fields of up to 10 points over the previous CheckScript product for the UK market, CheckPlus International provides the best read rates and highest accuracy available.
“We are always focused on providing the highest accuracy levels and ensuring our products are the best on the market,” said Greg Council, Vice President of Marketing and Product Management at Parascript. “With our release of the UK module as part of our CheckPlus International suite, banks operating in the UK can now have access to Parascript’s superior accuracy to support check digitization projects associated with the recent changes in check clearing regulations.”
CheckPlus International delivers full stream document processing, an integrated solution for recognizing the stream of documents for Proof of Deposit (POD), including machine-printed and handwritten checks. Our software automatically locates and recognizes standard field types on financial documents. The set of fields and features varies depending on the country, check layout and specific requirements. It also easily detects CAR/LAR mismatches. That is, mismatches between check amounts written in numbers (courtesy amount) and letters (legal amount). This provides added security to detect counterfeits and alterations, delivering a safeguard against fraud.
Another fraud prevention capability of some versions of CheckPlus International is signature presence detection and verification that ensure the industry’s highest accuracy rates in detecting random and skilled forgeries. This same capability is offered as a universal product called SignatureXpert that can be combined with CheckPlus International. Our advanced capability to produce multiple types of output means quickly adapting to unique business needs.
“CheckPlus International allows the financial industry to focus on their customers while our software takes care of extracting the right data while reducing fraud,” Council said.
About Parascript, LLC
Parascript automates the extraction of meaningful, contextual data from image and document-based information to support transactions, information governance, fraud prevention, and business processes. Parascript Artificial Intelligence (AI) software processes any document with any data from any source with its easy-to-use, image-based analysis, classification, data location, and extraction technology. More than 100 billion documents for financial services, government organizations, and the healthcare and life sciences 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. Find out more about Parascript CheckPlus International.