VSoft Corporation, a global information and technology provider of process improvement tools for financial institutions, announced the availability of its Check Data Mining application.
This application automates the process of capturing data from presented items by reducing the amount of user-data entry, and provides real-time tracking of item volumes, recognition statistics, and operator activities.
For each item processed, operators refer to images of the item and enter the date, payee name, and expense code. The system tracks unreadable items for review and repair, and automatically populates consistent fields, such as the Institution and Business Date fields, to expedite data entry. The Check Data Mining application employs Intelligent Character Recognition (ICR) to automatically recognize hand-printed characters, as well as a Payee Dictionary that tracks the most recent date on which a check was processed for each payee. The system also performs auditing and daily clearing functions based on user-defined criteria, scheduling, and parameters.
"The Check Data Mining application is a customized tool aimed at improving items processing procedures for financial institutions," said Murthy Veeraghanta, president of Atlanta-based VSoft Corporation. "The application improves operational efficiencies by reducing the check data fields keyed in by users, and gives financial institutions an enhanced ability to monitor and manage their items processing operations."
The Check Data Mining application's tracking functions allow supervisors to view the status of all available work, view and change block status and monitor operator sessions and activities, as well as to move items from one business date to another and verify and correct items as required. The system's search functions enable users to locate items and accounts and modify them as needed. The application also provides detailed reporting capacities on all aspects of the institution's daily item processing procedures, including operator statistics, quality analysis, recognition analysis, reconciliation, and unreadable items summaries.
In addition to increasing operational efficiency for banks, VSoft values its commitment to customer service. "VSoft's priority is listening to our customer's challenges and developing new software products tailored to meet those needs," added Veeraghanta. "This application will provide an increased level of efficiency and competitiveness to our customers, who are leading the industry towards items processing enhancement."