Check Processing, Payment Processing and Fraud Prevention SDKs

Parascript has produced a suite of products which detects counterfeit documents, signature forgery, content alteration, duplicate presentment, CAR/LAR mismatch and payee match discrepancies. Reliable automation is key to mitigate losses, protect assets and improve customer service and loyalty. Parascript automation software for compliance and fraud prevention solutions can be deployed in both front or back-office environments and enable financial institutions to provide more comprehensive automation at lower costs than ever. Using state-of-the-art technology based on machine learning algorithms including deep learning, payments can be processed in seconds, providing immediate feedback to the customer. Since Parascript enables high automation rates, banks can automatically verify payment amounts against customer-supplied data to forego the traditional wait times for deposit availability.

CheckXpert.AI SDK

CheckXpert.AI® represents the latest advancements of deep learning which have been applied to the challenge of payment processing. It offers superior check recognition with the highest read rates reducing costs by more than 80% over other available check recognition solutions. As a result, CheckXpert.AI reads check amounts and MICR with better than human accuracy and speed, which enables banks to provide real-time approval of deposits regardless of channel and without the significant costs of manual verification. 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.

Users benefit from the Highest Read Rates in the market, today. In addition, CheckXpert.AI also offers the industry’s highest recognition rates and accuracy with a dramatic increase in courtesy and legal amount recognition rates. Our solution with its industry-leading performance can reduce the cost of data entry by more than 80% compared to other solutions available on the market today.

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SignatureXpert.AI SDK

The newest member of the family of products automatically locates and verifies signatures on a broader range of documents resulting in significant improvements. Providing Signature Verification for Fraud Protection CheckXpert.AI's optional signature verification module offers advanced functionality that authenticates signatures and protects against signature fraud with high accuracy rates against all types of forgery.

As an integrated SDK, SignatureXpert.AI® provides signature verification for unprecedented accuracy. It enables signature authentication in applications including check processing, loan origination, voting by mail, petitions and countless other uses where it is crucial to detect signature fraud. SignatureXpert provides the highest degree of accuracy for any document type that requires signature validation.

Using SignatureXpert.AI’s advanced Signature Analysis functionality combines multiple verifiers to analyze dozens of signature features and can use multiple references to differentiate between natural anomalies and true irregularities that indicate fraud.

Advanced image preprocessing capabilities ensure a clean image. Backgrounds and all type of noise are eliminated from check images, IRDs, and signature snippets cut from documents with inconsistent layouts. SignatureXpert.AI supports American-style signatures, as well as complex European-style signatures, enabling one software package to deliver universal authentication in a single stream.

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CheckStock SDK

CheckStock® protects against check forgeries by verifying all pre-printed stock objects on business and personal checks and Image Replacement Documents (IRDs). It identifies counterfeit checks by inspecting pre-printed objects individually for instant comparison against reference check stock and detects even the most sophisticated forgeries. It also evaluates the size of the documents and the distances and complex relationships between different check stock components. 

Combines multiple methods to automatically locate and compare images of preprinted objects – headers of blocks that include check number, date, payee, dollar sign, memo, payor block, payor bank and compares the items to corresponding blocks on reference check stock. 

Analyzes check block content components that include content font type, font size, font spacing and the placement of each block and relative distances between sets or pairs of blocks. 

Compares images scanned on different transports with different resolutions and verifies checks that contain distortions such as noise, stamps, marks, inscriptions and others. Issues a global confidence value on a per check and per block basis to determine how checks match. It assesses counterfeit probability to help regulate the percentage of false positives versus false negatives.

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CheckWashAlert.AI SDK

Newly released CheckWashAlert.AI® provides a robust defense against a common tactic in fraudulent deposit schemes by detecting alterations to payee names and amount fields on business checks, personal checks, and Image Replacement Documents (IRDs). It utilizes innovative Artificial Intelligence (AI) algorithms to scrutinize handwriting patterns and styles on presented checks, comparing them against one or multiple authentic samples of handwriting from checks or other documents to identify anomalies indicative of check washing. Results of the analysis are provided individually for the analyzed fields, as well as in the form of an aggregated result of text style comparison for the entire document presented for verification. 

CheckWashAlert.AI® utilizes multiple options for handwriting reference sources. Use authentic samples of handwriting from other documents or document snippets in the case of a fully washed check. Alternatively, partially washed checks can compare handwriting from the memo line, date, CAR, and signature as a reference source. 

Analyzes handwritten blocks of content individually or as a group. Check washing scams often involve changing payee names and amounts on checks. CheckWashAlert.AI provides multiple analysis options for a variety of check washing schemes. 

Assigns a global confidence value for each handwritten block and aggregates a full check confidence result to evaluate the similarity of handwriting. It gauges the likelihood of counterfeiting to maintain a balance between the percentage of false positives and false negatives. 

Parascript’s check fraud prevention solutions help identify and prevent check fraud for banks and financial institutions at the teller, ATM, RDC and inter-bank.

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