ParaScript, an AI-powered document processing company, has introduced its ParaScript Recognition Suite (PRS), a collection of AI-powered recognition software development kits (SDKs) with modular licensing options designed for financial institutions to target specific business needs such as check deposits, fraud prevention, document data extraction, and custom projects.
Financial institutions, including banks and credit unions, frequently encounter challenges ranging from increasing fraud risks and stringent compliance requirements to labor-intensive processes that impede operations. While technological solutions exist, they often present difficulties with deployment and complex licensing structures, adding further burden. PRS aims to alleviate these issues by consolidating ParaScript’s technology into packages tailored for specific use cases, providing institutions and FinTechs greater licensing flexibility to select the capabilities necessary for various aspects of their business.
The suite is designed for seamless integration into existing technology environments, allowing financial institutions to deploy only what they require initially and manage costs effectively, with the flexibility to scale as their needs evolve. PRS focuses on four primary areas for financial institutions. PRS Deposits offers high-accuracy check capture at the point of presentment, back-office processing, and image quality assurance for smoother image exchange and deposit functions. PRS Fraud Prevention provides tools to enhance fraud defenses and streamline compliance workflows, covering aspects from check alteration detection to signature verification and comprehensive protection. PRS Documents automates the processing of various document types, including forms, invoices, and claims, to reduce the need for manual review. Lastly, PRS Custom offers full flexibility for specialized requirements in check item processing, fraud prevention, or document extraction, classification, and analysis.
Ati Azemoun, Vice President of Business Development at ParaScript, stated, “Technology should ease the burden on financial institutions, not add to it. PRS is giving our clients and partners the ability to simply choose the package that fits their needs today – whether it’s deposits, fraud prevention, document automation, or a custom configuration – and know they have the flexibility to expand later. That ease of adoption frees staff to focus on higher-value priorities like serving customers and members; while giving institutions confidence they are using proven technology tailored to their needs.”
ParaScript develops AI-powered recognition solutions that process over 100 billion documents annually, impacting nearly every individual in the U.
S. who sends mail or writes checks. Leading financial institutions, government agencies, and corporations across the U.
S., Europe, Latin America, and Australia utilize ParaScript to automate their document processing, thereby improving efficiency, accuracy, and reducing costs.
