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A2iA Teams up with Cash Technologies to Reduce Check Fraud & Capture Transaction Data
Aug-19-03
NEW YORK CITY and LOS ANGELES - Cash Tech's Check Cashing System Incorporates A2iA's Advanced Text Recognition Software; Enables Cashiers to Detect Check Fraud and Reduce Check Transaction Time
A2iA Corp., a worldwide leading developer of natural handwriting and print recognition technology (OCR, ICR, IWR, OMR), and Cash Technologies, Inc. (AMEX: TQ), developer of transaction processing systems, today announced the integration of A2iA's technology into Cash Tech's check-cashing products for the financial services industry. These products are able to rapidly capture and analyze transaction data from checks, reducing losses due to fraud and automating manual processes. Checks can be evaluated while the customer is still present or during back-office processing.
A2iA CheckReader(TM) technology is incorporated into Cash Technologies' risk analysis engine, which is found in Cash Tech's check-cashing products including MFS(TM) (Mobile Financial Services) and BONUS(TM) for banks. BONUS reduces fraud and improves customer service by offloading costly manual check transactions to a "smart" self-service ATM. The products have been installed into various financial services locations, including mobile check-cashing trucks in the greater Los Angeles area. Cash Tech's system can recognize and analyze check data, identify a customer and provide a check approval in about 5 seconds, reducing losses and improving efficiency and record keeping.
A2iA's advanced text recognition technology is a key component of Cash Tech's risk analysis process, which quickly analyzes and credit-scores electronic check images to determine the probability of loss. The speed and accuracy of Cash Tech's system can permit cashiers to identify fraudulent and counterfeit checks while the customer is still present. This is significant for the industry since the majority of banks and financial services providers have little or no ability to detect check fraud, which costs the industry billions of dollars per year, at the point of presentment.
"A2iA's strength is its ability to capture critical data, such as typewritten or computer generated characters, found on the majority of checks, far more accurately than other OCR products," said Bruce Korman, CEO of Cash Technologies. "With billions of checks per year totaling trillions of dollars flowing through the banking system and recent legislation that permits check settlement using check images, our combined solution has an opportunity to become an invaluable tool for the industry."
"Cash Tech's adoption of A2iA CheckReader illustrates how advanced recognition technology is now being applied to combat fraud at the point of presentment, dramatically reducing costs and speeding up transactions," said Jean-Louis Fages, CEO of A2iA Corp. "New applications of our software are helping banks and financial institutions provide better customer service and reduce risk."
How It Works
When presented with a check, the cashier passes it through a scanner which is connected to Cash Tech's data processing system. The system converts the image into understandable text that can be evaluated based on business rules and database information, determines a "credit score" based on these and other factors and gives a pass/fail recommendation to the cashier - all within approximately 5 seconds. A2iA CheckReader is an integral component in the amount recognition process. The system can be deployed at the point of presentment (cashier or ATM) or utilized in back-office processing of checks.
Additionally, new federal banking legislation, known as Check 21, permits banks to send electronic check images or electronically-generated check copies to other banks for payment, eliminating reliance on the transportation of original paper checks throughout the banking system. As banks implement the new procedures over the next few years, opportunities to utilize the Cash Tech/A2iA solution are expected to expand exponentially.
For more information on how to integrate A2iA CheckReader or A2iA FieldReader(TM), call 917.237.0390 x21 or email Courtney.rand@a2ia.com. A2iA CheckReader is able to automatically read and combine natural, freeform cursive handwritten and machine-printed documents and checks, including check and deposit ticket amounts, which reduces the laborious balancing process time at both local branches and in centralized locations.
About A2iA Corp.
A2iA (Artificial Intelligence & Image Analysis), founded in 1991, headquartered in New York and Paris, is a leading developer of technology for reading machine print and natural handwriting, including cursive handwriting from paper documents. A2iA's focus is on recognition for payment systems and paper-intensive industries and their two leading products, A2iA CheckReader and A2iA FieldReader, are helping businesses reduce their data-entry costs. A2iA CheckReader and A2iA FieldReader combine the company's OCR, ICR and Intelligent Word Recognition technologies with its artificial intelligence and neural network systems, making it the most comprehensive advanced recognition engines on the market today. For more information: http://www.a2ia.com.
About Cash Technologies
Cash Technologies, Inc. develops and markets innovative data processing systems, including the BONUS((TM)) and MFS((TM)) financial services systems, EMMA((TM)) transaction processing software and PrISM((TM)) security system. Through EMMA, consumers and businesses may access a wide variety of financial services via ATMs, POS terminals and wireless devices including: check cashing, electronic bill payment, event ticketing, interactive advertising and other functions. The Company also produces CoinBank(R) self-service electronic coin counting machines. For more information, visit http://www.cashtechnologies.com.
Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include technical barriers that prevent the implementation or success of Cash Tech's technology, anticipated legislation related to check-cashing and other financial services that fails to be enacted, activity levels in the securities markets and other risk factors disclosed in Cash Tech's reports to the Securities and Exchange Commission, including its Forms 10-QSB and Forms 10-KSB on file with the SEC. The Company cautions that there are numerous hurdles facing biometric-based systems including significant capital requirements and public and governmental acceptance.