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LONGMONT, Colo., Feb. 18, 2022 /PRNewswire=KYODO JBN/ --

    -- Parascript CheckXpert.AI(R) Reads Checks at Better than Human Speed and

Accuracy.

Parascript, which has been delivering high-performing automation for over 25

years and processing more than 100 billion documents annually, released today a

new version of CheckXpert.AI that again 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 literally 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% at 99% accuracy, there really 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 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. Here are a few highlights:

Significant error rate reduction, therefore, accuracy increase, for amount

recognition on checks.

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% further reduction in handling exceptions.

This means that CheckXpert.AI successfully processes 99% of checks with an

accuracy that goes beyond the accuracy of that of human operators, and in some

cases, outperforms the accuracy of double keying in some applications.

Improvements in reporting types of documents

The new version of Parascript CheckXpert.AI is able to 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 a more accurate document classification.

Improvements in location

Parascript CheckXpert.AI has been improved to perform better when locating

payee and date fields on business checks. This allows for a more accurate payee

reading results and reduction in keying.

About Parascript

Parascript sells not just software, we sell actual, verifiable results that

save companies over $1B annually. Customers choose Parascript when they want to

use applied AI to achieve an optimized data capture solution with the highest

levels of reliable automation. Parascript has over three decades of experience

applying AI to solve complex problems, automating document-oriented processes

that involve over 100 billion documents each year. We have automated the postal

industry, commercial mailrooms, government elections, payments, and hundreds of

other processes. Visit Parascript [

https://c212.net/c/link/?t=0&l=en&o=3443174-1&h=1495300726&u=https%3A%2F%2Fwww.parascript.com%2F&a=Parascript

].

Media Contact: Ariane Barragan, ariane.barragan@parascript.com, +1.720.731.3282

SOURCE  Parascript, LLC