A startup which is located in Chennai DeepQuanty AI labs announced on Monday that they have launched the first product of the company,i.e, SnapChek, that enables us to read the content written on cheque whether its handwritten or printed.
This product has the specialty that it has AI-powered engine which can read multiple variables which are printed on the cheque like date, name, amount and figures, and other things too.
The company promises 90 percent and near 100 percent extraction accuracy with handwritten and printed text respectively.
As per the words of Sundar Kanniappan, the Chief Technical Officer,
''Our AI team is proud to have solved a very old handwriting recognition problem in an unconventional fashion, which puts SnapChek way ahead in performance when compared to known and published benchmarks. It is just the first of a slew of exciting products that will be launched in the next few months.''
SnapChek was developed by a team full of AI specialists, who completed there a task in four months at the center of DeepQuanty's India Development.
Now Computer Vision and Artificial Intelligence will be applied for solving the problems in multiple sectors like banks, retail, insurance, and e-commerce. The ultimate idea is to extract data from images like cheques, application forms, identity proofs, and hopes to build further intelligence post extraction. It went on to state that the technology can help one can quickly sort apparel images into shapes, designs, colors, and sizes.
Similarly, the product can extract data from bank statements and the types of income and expense.
As per the words of Mahadevan Jayaram, Co-Founder and Chief Revenue Officer,
''SnapChek provides banks in India a significant opportunity to enhance banking experience. Imagine the reduction in turnaround time for cheque clearing.''
Founded in 2018, DeepQuanty Artificial Intelligence Labs said it strives to change the customer experience in the industry and deliver cost advantages.