DeepQuantity which is a Chennai based Artificial Intelligence labs has revealed the launch of its first product, an AI-powered engine that can decode the text written on the cheques.
The recently floated company revealed in a report that the product which has been named as SnapChek, can deliver the 90% of the extraction accuracy on any of the handwritten fields in cheques such as the name, date, amount in figures, amount in words, and nearly 100% extraction accuracy in the printed fields such as the MICR, IFSC code and account number.
“SnapChek provides banks in India a significant opportunity to enhance banking experience,” said Mahadevan Jayaram, co-founder & chief revenue officer of DeepQuanty.
SnapChek was developed at the DeepQuantity India Development Center by a team of AI specialist in just the four months, the report revealed.
“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,” said Sundar Kanniappan, chief technology officer of DeepQuanty.
The company said that it would launch some of the more products in the coming few months. DeepQuantity AI Labs was set up four months ago by the Kanniappan and Deep Ramesh with the objective of applying under the computer vision and AI to solve the problems in the retail, e-commerce, banking, healthcare, and insurance sector.
Their aim was just to extract the data from the images such as the application form, identity forms, cheques and apparel with an ability to build with the intelligence post extraction.
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