It’s clear to see that check transactions are alive and well and are expected to remain a payment preference in a sea of ongoing payment diversification.
Essential for every business is the use of software that ensures not only fast and accurate automated check processing, but the ability to create a streamlined, integrated workflow driving exceptional ROI, all while increasing fraud detection and complying with Check 21 requirements.
Mitek is pleased to announce Mitek® Check Intelligence, which offers financial institutions, retailers, non-profits, and government agencies a configurable, easily integrated toolkit to improve check processing. Check Intelligence deploys automated image analysis, data extraction and check fraud detection for digital use, improving the speed and accuracy of straight-through check processing.
Key technology and capability features for the release:
- Industry-leading image recognition and analysis powered by artificial intelligence (AI) and machine learning (ML)
- Conducts image quality analysis (IQA) and image usability analysis (IUA) to accurately identify, read and analyze checks, invoices, and other common banking account documents
- Utilizes an omnichannel environment, including remote deposit, branch, teller, and both centralized and de-centralized capture, merchant and point-of-deposit applications, automated teller machine (ATM), lockbox, and accounts receivable/payable options
- Analyzes structured and unstructured documents, reviewing payer and payee name, payer address, courtesy and legal amounts, date, signature detection, magnetic ink character recognition (MICR), memo line, check number and more, regardless of machine, print, or cursive handwriting
- Detects counterfeit, forged or otherwise fraudulent checks by extracting and analyzing data for risk calculation, using built-in capabilities to confirm positive pay integration and check stock validation
- Meets Check 21 requirements and other bank industry fraud protection and regulatory standards as needed
- Integrates with legacy and other in-house information systems
Ongoing technological advances keep Mitek® Check Intelligence at the forefront of superior check recognition and fraud prevention. It provides cutting edge technology for fraud detection and automates the most accurate, fastest digital check processing in the banking marketplace.