Parascript released a new version of CheckXpert.AI that represents the latest advancements in Deep Learning applied to Payment Processing.
“If you’re looking for lights-out automation for check processing at the highest, and I mean the highest level of performance that can be achieved, then this new release of CheckXpert.AI is it,” said Greg Council, VP of Marketing & Product Management at Parascript, “with a straight-through processing rate of greater than 98 per cent at 99 per cent accuracy, there isn’t a need to employ any manual effort anymore.”
With the new release of CheckXpert.AI, Parascript continues leveraging its proprietary deep learning algorithms. CheckXpert.AI processes check 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.
Here are a few highlights:
Error rate reduction
Parascript CheckXpert.AI significantly increases the level of accuracy and reliability of output, which translates to up to not only an extremely high rate of touchless automation but a 75 per cent further reduction in handling exceptions.
This means that CheckXpert.AI successfully processes 99 per cent of checks with accuracy beyond human operators’ accuracy. In some cases, it outperforms the accuracy of double keying in some applications.
Improvements in reporting types of documents
The new version of Parascript CheckXpert.AI can more accurately detect the document type for the stream of documents being processed by banks – personal checks, business checks, deposit slips, cash tickets, money orders, etc. This allows for more accurate document classification.
Improvements in location
Parascript CheckXpert.AI has been improved to better locate payee and date fields on business checks. This allows for more accurate payee reading results and a reduction in keying.
