Mitek Systems, Inc. (BULLETIN BOARD: MITK) , a leading developer of image-based, automatic fraud protection and recognition technologies, today announced the availability of ImageScore at the BAI 2004 National Electronic Check and Image Exchange Conference.
ImageScore, an image quality analysis solution designed specifically for financial institutions, analyzes scanned images of checks to verify the quality of a check image. Additionally, it ensures the image is an acceptable payment instrument for financial institutions and verifies that the images conform to the quality and usability criteria defined by the X9.37 standards committee.
A leading problem banks will face in the emerging Check 21 environment is loss of transaction data if the paper check is destroyed before the information is accurately captured as an electronic image. ImageScore is designed to prevent this problem by verifying that the image accurately represents the original paper document. The solution identifies and flags potential flaws while conducting several levels of tests for each data item including verifying whether the data items are present, as well as performing optical character recognition/intelligent character recognition (OCR/ICR) tests.
Harland Financial Solutions, an industry leading provider of technology for financial institutions, is intending to incorporate the ImageScore technology into their image-based item processing solution, CheckQuest(R).
"As Check 21 grows near, it has become even more important that we have a solid image-exchange strategy in place," said Bill Zayas, Sr. Vice President and General Manager, Bank Core Systems for Harland Financial Solutions. "We are planning to integrate ImageScore into our CheckQuest item processing solution to ensure that the images being sent and received by us and our partners are usable and of the highest quality. Mitek's advanced image analysis solution will position us to take full advantage of the changing payments landscape, while continuing to provide exceptional service to our customers."
In addition to the quality tests, ImageScore also has the ability to analyze the usability of an image. It can accurately identify whether a data field is missing, such as signature,as signature, date, payment information and CAR (the courtesy amount on the check). As a result, banks are able to avoid financial liability caused by passing along unusable images, as well as avoid delays with presentment, clearing and settlement caused by illegible information on check images. The solution immediately identifies unusable images received from other banks or image exchanges, significantly reducing a bank's operational and labor costs.
ImageScore tests each image against potential problems, including partial images, excessive skews and piggybacked images. Based on the results, ImageScore issues a quality score, which determines the usability of the image. Without a clear and legible check image, an electronic transaction cannot be completed, archived, nor proven, in case of a dispute.
Emily Deere, Director of Engineering at Mitek Systems, said, "With the effective-date of Check 21 nearing, image quality assurance should be paramount to each bank's exchange strategy. Moving forward, it is imperative that financial institutions implement technology to evaluate the quality and usability of images. ImageScore is based on Mitek's mature image analysis and repair technology, as well as our industry-standard recognition engine QuickStrokes. We understand the needs of financial institutions in a Check 21 world and have created a solution that gives banks the efficiency and security needed in the fast approaching image exchange environment."