Parascript Ushers in New Era of Check Processing With Latest CheckXpert.Ai Release

Parascript follows-up its ground-breaking deep-learning-based CheckXpert.AI product with new features for international markets

Parascript, which offers intelligent capture software that processes over 100 billion documents annually, announced the availability of several new payment-related automation products including CheckXpert.AI 1.1 and CheckXpert.AI United Kingdom (UK). Each is based on completely new machine learning algorithms including deep learning neural networks that enable performance, which is better than human speed and accuracy.

“As banks transform branches to support higher-value interactions, automation of transactional, low-value tasks becomes more important than ever,” said Greg Council, Parascript’s Vice President of Marketing and Product Management. “Our family of CheckXpert.AI products offers the financial industry the ability to continue to improve customer experience and supports a multi-channel strategy while also reducing costs.”

CheckXpert.AI 1.1 now supports reading the payee line for both personal and business checks, enabling support for new applications including compliance and fraud prevention where the identity of the payee is critical. This includes Anti-Money Laundering (AML) efforts using blacklists and payee match.

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Beyond compliance, access to the payee enables use cases where the need to provide a pre-defined list is not available. Through new machine learning algorithms, the ability to extract the payee line offers high-quality data without the need to pre-configure the system with payee database information.

CheckXpert.AI UK now provides the same level of human-like performance as CheckXpert.AI. Parascript is also announcing the planned availability of two more CheckXpert.AI products for the first-half of 2020. These products will provide high performance for Canada and Brazil.

“CheckXpert.AI is the ‘game changer for banking customers’ looking to satisfy their remote deposit and branch transformation needs,” said Ati Azemoun, Vice President of Business Development 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 while the Bank operations can capture valuable data for all payment document transactions from all channels.”

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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. 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.

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