Parascript Announces New Release of Check Recognition and Verification Software for Argentina

BOULDER, Colo., and KISSIMMEE, Fla., March 1 /PRNewswire/ -- BAI Payments Connect, Booth 619 – Parascript, LLC, the image analysis and pattern recognition technology provider, today announced the release of CheckPlus International for Argentina. CheckPlus International for Argentina reads the courtesy amount, legal amount and MICR (Magnetic Ink Character Recognition) line on checks, enabling banks to minimize cost and labor associated with check processing.

CheckPlus International for Argentina can now process the entire stream of documents for Proof-of-Deposit (POD) and remittance applications including machine printed and handwritten Argentinean checks. During the amount recognition process, CheckPlus International for Argentina cross-validates the courtesy and legal amounts to ensure the highest recognition rates. CheckPlus International has been successfully implemented in Brazil, Portugal, France, and India, among other markets.

"Parascript is proud to bring our best-of-breed recognition technology to the Argentinean check processing market," said Mike Fenton, vice president of sales and operations for Parascript. "The need to reduce costs is shared worldwide, and we are constantly working to expand our product offerings."

According to Argentina's Central Bank (Banco Central de la Republica Argentina), approximately 91 million checks were processed in 2009.  75 percent of those checks were transferred into electronic images of their original paper counterparts to facilitate collection or return through the check-clearing network.

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, Bowe Bell + Howell, CheckFree – now part of Fiserv, Elsag, Lockheed Martin, NCR, Siemens, and Unisys. Parascript is online at http://www.parascript.com.

SOURCE Parascript, LLC

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