SnapChek provides almost 100 per cent extraction accuracy in printed areas such as account number, IFSC Code and MICR
DeepQuanty Artificial Intelligence Labs announced that it has launched an artificial intelligence (AI)-powered automatic cheque processing engine – SnapChek, in order to enhance banking experience.
Designed and developed by a patent pending process, the new solution provides more than 90 per cent extraction accuracy on any handwritten area like name, date, amount in figures and amount in words. In addition, almost 100 per cent extraction accuracy in printed areas such as account number, IFSC Code and MICR, the company said in a statement.
SnapChek was created at the company’s India Development Centre by a team of AI experts in around four months.
To enhance banking experience
Commenting on the development, Mahadevan Jayaram, co-founder and Chief Revenue Officer, DeepQuanty, said, “SnapChek provides banks in India a significant opportunity to enhance banking experience. Imagine the reduction in turnaround time for cheque clearing.”
Sundar Kanniappan, CTO, DeepQuanty, stated, “Our AI team is proud to have solved a very old handwriting recognition problem in an unconventional fashion, which puts SnapChek way ahead in performance when compared to known and published benchmarks. SnapChek is just the first of a slew of exciting products that will be launched in the next few months.”
Established only four months ago, DeepQuanty Artificial Intelligence Labs is aimed at applying computer vision and AI technology to solve problems in various segments including banking, insurance, retail, e-commerce and healthcare.
The concept behind the solution is to collect data from images like cheques, identity proof, application forms and apparels, with an ability to create further intelligence post extraction. The bigger idea is to immensely transform the customer experience in the industry and deliver cost benefits.