Fintech startup Intellect launches AI-powered Aadhaar processing solution
Chennai-based financial technology company Intellect Design Arena on Monday announced the launch of Magic, an artificial intelligence (AI)-powered Aadhaar processing solution for companies.
The AI solution used to identify, extract, validate, and mask Aadhaar details hyper-digitises the end-to-end processes using Aadhaar-based processing, Intellect Design Arena said in a statement.
With security and confidentiality of customers always a concern in their digital interaction with financial institutions, telecom companies, healthcare, and regulatory bodies such as the Reserve Bank of India, the Insurance Regulatory Development Authority has issued a directive on the usage and storage of copies of Aadhaar cards.
To ensure that companies are in compliance with the guidelines, Intellect has come up with a comprehensive solution, it said.
Banesh Prabhu, CEO of Intellect SEEC, said,
“Magic Aadhaar, powered by IDX (intelligent data extraction) platform, is a cognitive information extraction, validation, and enrichment platform, which extracts contextually relevant information from bundles of unstructured, semi-structured, and structured sources using AI technologies.:
Prabhu said the solution can process more than 500 document types in 87 percent less time and with a 98 percent accuracy rate. It also identifies the Aadhaar pattern across the document in a contextual way.
“The solution further masks the first eight digits of the Aadhaar number, leaving the last four digits open and is capable to run as a real-time API (application programming interface) or in bulk processing mode on the stored documents," he said.
Magic Aadhaar assesses the quality of input documents and classifies them through contextual identification of Aadhaar numbers from various document types not limited to an Aadhaar card.
It further extracts relevant information from Aadhaar and validates the details with external UIDAI authentication.
The processing solution finally masks the Aadhaar number, as needed by regulatory compliance, and seamlessly integrates structured output to target systems, the company said.
Intellect claims to serve more than 240 customers through offices in 91 countries and with a diverse workforce of solution architects, and domain and technology experts in major global financial hubs around the world.