August 30, 2010, Longmont, CO - Parascript, LLC, the image analysis and pattern recognition technology provider, today 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 can now 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 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.
"Even as volumes decline, checks are still heavily relied on throughout the world, and particularly in Malaysia, where over 204 million checks were processed in 2009. At Parascript, we are proud to add CheckPlus International for Malaysia to our product line to address the needs of financial institutions to reduce costs, prevent fraud and improve efficiencies," said Mike Fenton, vice president of sales and operations for Parascript.
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 (approximately $300 USD).
About Parascript, LLC
The Parascript image analysis suite extracts meaningful information from images. Employing patented digital image analysis and pattern recognition technologies, the Parascript image analysis suite improves decision quality in medical imaging, postal and payment automation, fraud detection and forms processing operations. Parascript software processes over 100 billion imaged documents per year. Fortune 500 companies, postal operators, major government and financial institutions rely on Parascript products. Organizations include the U.S. Postal Service, Böwe Bell & Howell, CheckFree - now part of Fiserv, Elsag, Lockheed Martin, NCR, Siemens and Unisys. Parascript is online at www.parascript.com.
CheckPlus International for Malaysia can now 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 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.
"Even as volumes decline, checks are still heavily relied on throughout the world, and particularly in Malaysia, where over 204 million checks were processed in 2009. At Parascript, we are proud to add CheckPlus International for Malaysia to our product line to address the needs of financial institutions to reduce costs, prevent fraud and improve efficiencies," said Mike Fenton, vice president of sales and operations for Parascript.
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 (approximately $300 USD).
About Parascript, LLC
The Parascript image analysis suite extracts meaningful information from images. Employing patented digital image analysis and pattern recognition technologies, the Parascript image analysis suite improves decision quality in medical imaging, postal and payment automation, fraud detection and forms processing operations. Parascript software processes over 100 billion imaged documents per year. Fortune 500 companies, postal operators, major government and financial institutions rely on Parascript products. Organizations include the U.S. Postal Service, Böwe Bell & Howell, CheckFree - now part of Fiserv, Elsag, Lockheed Martin, NCR, Siemens and Unisys. Parascript is online at www.parascript.com.
