Longmont, Colorado – Parascript, the pioneer in data extraction powered by machine learning, today announced a new partnership with IMDS, which offers highly innovative software and hardware solutions for data capture. IMDS plans to integrate Parascript products into its capture offering in order to provide additional capability and value to its customers.
IMDS will begin by leveraging Parascript’s advanced international check recognition, invoice and receipt processing to enhance its current document processing for the highest level of accuracy in dynamic field recognition and handwritten data capture. IMDS will use Parascript software to address country-specific formats, backgrounds and writing styles with CheckPlus International and more efficiently locate and extract the correct information from the most hard-to-process, complex and variable documents such as invoices and receipts.
“We are looking forward to working with a world class company like IMDS to deliver the most precise, accurate data extraction solutions to their clients,” said Mark Gallagher, Vice President of Sales. “Parascript technology offers unmatched quality—the best read rates and accuracy available on the market today.”
Parascript provides a full-range of image processing and data extraction SDK products that enable system integrators and software vendors to support multiple clients’ needs for a wide variety of document and data types. Parascript technology solutions are easy to implement and administer for high volume needs without the typical cost or complexity.
For example, Parascript CheckPlus International, which IMDS will use as part of their solution, delivers an integrated solution for recognizing the stream of documents for Proof of Deposit (POD), including machine-printed and handwritten checks. It accurately detects mismatches between check amounts written in numbers (courtesy amount) and letters (legal amount). This provides an added element to detect counterfeit and alterations, delivering a safeguard against fraud.
Since IMDS specializes in helping organizations effortlessly manage their documents from the simplest forms to the most complex documents, enabling clients to completely outsource their document processing for greater efficiencies and at a lower cost, this technology partnership was a natural fit.
“Parascript technology solutions will further enhance our capabilities in key areas like Accounts Payable, through joint applications of our capture technologies to provide our clients best-in-class, high-volume data location and extraction, ADF and the new ADvanced DOCument concept,” said Frédéric Cornu, CEO of IMDS. “Together, we plan to take document processing to the next level in automation with a team of experts in applied machine learning dedicated to the highest precision in the industry.”
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. Visit Parascript.
About IMDS
Since 1995, IMDS has been a key player in the dematerialization and intelligent processing of document and information flows. IMDS offers innovative software and hardware solutions to enhance data capture and collection (such as invoices, checks, purchase orders, microfiches and forms) and customer engagement (such as letters, SMS and parcels). IMDS focuses on three distinct areas: making and distributing of hardware and innovative software solutions meticulously developed by our research and development team; providing consulting, training and other services to optimize data processing in order to maximize efficiency and quality; and providing services that enable our clients to completely process the Automated Document Factory (ADF) or outsource their document processing. Visit IMDS.