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Captovation and Parascript, LLC Sign Software License
Agreement Minneapolis,
MN, March 9, 2006
– Captovation, a developer of check capture software, announced today that
they have signed a software license agreement with Parascript, LLC.
This agreement allows Captovation to integrate the check courtesy and
legal amount recognition (CAR/LAR) feature found in Parascript®
CheckPlus® software with their check capture system - Captovation®
Check Capture. This
intelligent recognition technology will provide an automated method for
financial institutions to process checks resulting in reduced data entry
requirements. Captovation
will utilize the Parascript CheckPlus API to add CAR/LAR functionality to Check
Capture. The check courtesy amount
is the machine printed (business check) or hand
written (personal check) numerals that appear next to the payee’s name, while
the legal amount is the spelled out version beneath the payee’s name.
To capture this amount, CheckPlus first reads the courtesy amount and
then the legal amount during the scanning process.
It then compares the results and applies a confidence rating of
0-100, whereas a higher confidence rating would be interpreted as a more
accurate read. Check Capture can be configured to filter or reject any reads
that have a confidence rating below a number set by the organization.
These rejects or misreads would then require manual verification by the
Check Capture user.
Typically,
the check amount is encoded on the physical check before it gets passed through
a check scanner with a MICR (magnetic ink character recognition) reader.
Encoding the check ensures that the check amount can be read in the MICR
line. However, with the passage of
the Check 21 law (Check Truncation Act) in October 2004, the
process of physically encoding checks can now be eliminated.
Instead, financial institutions can use check capture software, such as
Captovation Check Capture, and a check scanner to capture the check image and
data and send those items electronically to
“I
am very pleased to announce this partnership between Captovation and Parascript,”
said Ken Peterka, President and CEO of Captovation.
“Parascript’s software exceeded our expectations in recognition
success rates and performance.”
CAR/LAR
will be available in Check Capture 5.1, and will be sold as an option.
Check Capture 5.1 is scheduled for release in late Q2 of 2006.
About Captovation, Inc. Captovation
develops check capture software for financial institutions.
Our Captovation® Check Capture system provides the critical
first step to becoming image enabled, thereby allowing financial institutions to
capture checks at their earliest point of presentment so they can participate in
and realize the many benefits of Check 21 and electronic image exchange.
Check Capture can be used with many check scanner devices and includes
such features as X9.37 support (Check 21 output standard), auto MICR parsing,
and CAR/LAR recognition (optional). Check
Capture is sold through Captovation certified resellers and OEM partners. For
more information, visit the company’s web site at www.captovation.com. About
Parascript, LLC |