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News

CheckReader for Brazilian cheque truncation market

A2iA : 04 December, 2008  (New Product)
Manual cheque handling process in Brazil to be smoothed with the introduction of CheckReader from A2iA
Building on A2iA CheckReader, the trusted recognition technology behind many leading check processing applications, A2iA has expanded the functionality of their component with tools aimed at handling electronic check truncation (Check 21) in Brazil. This new version will ready financial institutions with recognition technology equipped to meet the soon to pass imaging standard: Projeto de Lei (PL) 146/07 from Brazil's Federal Bank / Febraban (Federacao Brasileira de Bancos) which will regulate the practice of digitizing and truncating check images to recognize them as valid replacements to physical checks.

For over 40 years Brazil's standard of check processing involves manual data entry, transportation of the physical check via planes and armoured vehicles, as well as costs of microfiche archives. With the huge volume of checks being processed, the financial impact of standard processing is tremendous. The new regulation will require banks to work from images instead of physical checks.
Financial institutions will need to ensure that check images are usable and contain information in the required fields.

The latest version of A2iA CheckReader for Brazil virtually eliminates the costs associated with manual processing by providing the tools to recognize the key information from the check image. A2iA CheckReader has built-in Image Usability Analysis which will detect a number of fields when they are not filled in, including courtesy and legal amounts, payee name, signature and date, or when the image capture process makes them unusable. This will allow A2iA CheckReader to flag potential problems, such as an incorrectly printed check, or whether the check simply needs to be rescanned.

This new country version also features amount comparisons to compliment A2iA's final amount recognition. A2iA CheckReader can be set to compare between CAR, LAR and the amount on issue check, providing a more accurate end result and reducing the amount of false positives.

"The latest version of A2iA CheckReader is ongoing proof of our commitment to our partners' and customers' needs," said Jean-Louis Fages, president and chief executive officer of A2iA. "With this latest development we hope to help lead the way for the standardisation of check truncation in Brazil."
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