ICR Software Solutions: Simplifying Document Verification
Intelligent Character Recognition (ICR) is a cutting-edge technology that can transform written information on paper into computer-readable texts. The digital industry makes use of these leading technologies for data extraction. They scan the essential information from documents to secure a database for use during customer onboarding. Data can be retrieved from fields that are predetermined, including name and date, invoice number, and so on. Data that has been scanned may be returned to the company’s preferred method when they only want to safeguard or check the authenticity of data. scanner software can then feed this data directly into businesses’ internal systems or save it in secure cloud databases.
What is Intelligent Character Recognition (ICR)?
ICR software is a method used to scan documents using electronic conversion. Sometimes, it is used to capture handwritten text to be transformed into text that can be read by computers. Robust ICR is equipped with the latest technology to detect the data and fill the database automatically by the various categories. ICR solution providers use AI machines that permit character kinds to be added quickly to the recognition database, providing high-quality accuracy. Because of the different styles of handwriting, the rate of capture can differ drastically. However, businesses can accurately scan using modern ICR technology using a variety of types of structured formats.
Differentiating Between ICR and OCR
ICR is a more advanced form of Optical Character Recognition (OCR), which is used to scan paper. The OCR is typically utilized to read information from printed documents like newspapers, books or legal records. It stores the documents inside an internal storage area of the system and converts the text into individual files, so it’s easy for users to edit or search for documents within any document.
ICR is the updated version of OCR that can scan screenshots and images of text and keep it in a database.
It speeds up the scanning process and aids in automatically translating the content to documents, allowing for speedy editing and searching. It is also more efficient than OCR when companies categorize data of the customer during the verification of identity. This will speed up the process by automatically analyzing the data that is written in various slots and separating them into zones.
Document Verification Through ICR Software Solutions
Financial institutions and other businesses, which include banks, insurance companies, and other organizations, have to verify the authenticity of the client by attesting documents. ICR scanning software helps companies to verify documents with modern technology. The scanning software scans only the documents ICR can automate the procedure and save customer’s data in secure databases. Here are the benefits that companies can gain by using ICR:
Streamline Document Attesting
Verification of documents is a difficult job for businesses. They must verify the authenticity of documents by different examinations. Agents onboarding customers check the security indicators visible to the documents, like borders, fonts, signatures, etc., under the nature of the document. ICR Solutions providers used machine learning and sophisticated algorithms to divide the information into groups. This aids companies in storing information in different databases that are safe and easily accessible for computers. ICR isn’t necessary for every company; however, it is a good option for those who wish to speed up their onboarding process.
AML Screening
Companies must adhere to international laws to ensure their operations are safe. The regulations safeguard companies from financial crimes like money laundering and financing terrorists. This has disrupted the bad actor’s strategies and improved the trust of customers in the company.
The concept of anti-money laundering was developed through the International Financial Action Task Force (FATF) to safeguard our global economic system.
ICR safeguards the information of customers in a database that can be cross-referenced with other international surveillance agencies. When document verification is conducted, businesses can easily cross-check their customer’s information with databases like AML corruption as well as Politically Exposed Persons (PEPs). This helps ensure that the client isn’t involved in any criminal activities and ensures that the businesses they are partnering with are legal.
Bolstered Security
Identity theft is among the most serious fraud that has been reported to the US Federal Trade Commission (FTC). The information of a person’s identity is always accessed by fraudsters who are from other companies with insecure databases. Nearly 15 million records were accessed from various databases in 2022. The number of breaches will double by 2023.
The problem is that this number is growing over time due to the existence of databases that are not secured. Businesses, including financial institutions, handle a variety of data, such as their personal information, including banking account number, corporate number of registration, and more. Companies that don’t use ICR software may expose themselves to hackers Data breaches can result in heavy penalties for their business.
Conclusion
In the end, the business is dealing with a lot of documents and doesn’t wish to waste their time gathering all of the information on a computer. ICR solution providers can be their salvation, as they aid them in the conversion of handwritten document information into computer-readable format. Businesses can also utilize it to assist customers during onboarding and for document verification to reduce time and the expense of human resources. ICR handwriting recognition software can convert any paper-based file into digital formats. These files can be readily accessible and validated for companies and other organizations.