|Check imaging solution upgraded|
Parascript CheckUltra offers recognition rates up to 10 percent higher than other products available on the market
Parascript Announces New Check Recognition Software with Highest Read Rates and Accuracy for CAR/LAR and MICR Line
February 9, 2009, Boulder, CO - Parascript, LLC, the image analysis and pattern recognition technology provider, today announced CheckUltra, a next-generation check recognition solution that offers a dramatic rise in courtesy (CAR) and legal amount recognition (LAR) rates and a significant reduction in labor and errors associated with check processing. CheckUltra is specially designed to answer the needs of service bureaus, business process outsourcing (BPO), high volume payment and lockbox processors, and financial institutions looking to improve check processing efficiency in image exchange, remote capture, and proof-of-deposit (POD) environments.
The product's architecture and algorithms are optimized to gain a dramatic increase in efficiency of CAR, LAR and magnetic ink character recognition (MICR) reading. CheckUltra offers the industry's highest courtesy and legal amount recognition rates of up to 10 percent higher than other products on the market. The MICR line recognition results are at least on par with, if not higher than, the results of magnetic readers, offering a good alternative for applications where a magnetic reader is not available.
"We are pleased to add a new check recognition solution to our payment automation product suite to address the needs of high-volume check processors and those who benefit tremendously from an increase in recognition rates. Given the rising costs of check processing with declining check volumes, Parascript is committed to developing technology that offers costs-reduction benefits to our partners and their customers wherever possible. The recognition rate advances made with CheckUltra bring the industry's standards to a whole new level," said Mike Fenton, vice president of sales and operations for Parascript.
Additionally, CheckUltra analyzes image integrity and detects images of personal checks, business checks, and Image Replacement Documents (IRDs) suspected to have a defect. The software automatically assesses the presence and legibility of data on images to determine if a check is usable, negotiable, or contains errors that might prevent it from being exchanged or collected. CheckUltra's image quality assessment uses interoperable Financial Services Technology Consortium (FSTC) compliant image quality metrics to determine if conditions affecting image quality are present. Financial institutions are able to improve the integrity of their images, minimize risk by identifying and fixing low-quality items, reduce costs associated with researching poor image quality, and assure that they meet image exchange requirements based on the ANSI X9.37 standards.
About Parascript, LLC
The Parascript image analysis suite extracts meaningful information from images. Employing patented digital image analysis and pattern recognition technologies, the Parascript image analysis suite improves decision quality in medical imaging, postal and payment automation, fraud detection, and forms processing operations. Parascript software processes over 100 billion imaged documents per year. Fortune 500 companies, postal operators, major government, and financial institutions rely on Parascript products. Organizations include the U.S. Postal Service, Böwe Bell + Howell, CheckFree - now part of Fiserv, Elsag, Lockheed Martin, NCR, Siemens, and Unisys. Parascript is online at http://www.parascript.com.
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