Chennai-based startup DeepQuanty Artificial Intelligence Labs on Monday announced the launch of the company’s first product, SnapChek, that can read handwritten and printed text on a cheque.
The product is an AI-powered engine that can read variables on a cheque such as date, name, amount in words and figures, account number, MICR, and IFSC Code.
The company promises 90 percent and near 100 percent extraction accuracy with handwritten and printed text respectively.
Speaking on the launch of the product, Sundar Kanniappan, the Chief Technical Officer said,
“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.”
In an official statement, the company said SnapChek was developed by a team of AI specialists at DeepQuanty’s India Development Centre in just four months.
The company now aims to apply Computer Vision and Artificial Intelligence to solve problems in sectors such as banking, retail, ecommerce, insurance, and healthcare.
The company said the 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, colours, and sizes.
Similarly, the product can extract data from bank statements and the types of income and expense.
Mahadevan Jayaram, Co-Founder and Chief Revenue Officer, said,
“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.