Parascript Is Upping the Game in Intelligent Document Processing with a New Version of CheckXpert.AI

(US and Canada) 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.