Parascript Announces Release of Check Recognition and Verification Software
Longmont, Colorado-based Parascript, LLC, the image analysis and pattern recognition technology provider, announced the release of CheckPlus International for Malaysia. CheckPlus International for Malaysia reads the courtesy amount, legal amount and MICR (Magnetic Ink Character Recognition) line on checks, enabling banks to minimize the cost and labor associated with check processing.
CheckPlus International for Malaysia now can process the entire stream of documents for proof-of-deposit (POD) and remittance applications, including machine printed and handwritten Malaysian checks. During the amount recognition process, CheckPlus International for Malaysia cross-validates the courtesy and legal amounts to ensure the highest recognition rates. CheckPlus International has been successfully implemented in Brazil, Canada, France, India and Portugal among other markets. Depending on the country, CheckPlus International automatically locates and recognizes amount fields, date, payee line, MICR line, checksum, among others, and performs signature verification to help financial institutions prevent fraud.
According to the Central Bank of Malaysia, Bank Negara Malaysia, 204.8 million checks were processed in 2009. Additionally, the bank’s 2009 study on payment preferences and usage revealed that over 70 percent of merchants use checks to make payment to suppliers, and consumers use checks as the preferred payment method for transactions over RM1,000 which is approximately $300.
For more information, visit www.parascript.com.