Automated cheque parsing for efficient back-office operations

Financial organizations are required to store information for all cheque-related transactions.

This task involves manual effort in both front and back offices, which can introduce human error during the data entry process.

Beyond the costs of manual labor, the cost of errors is significant, potentially causing payment delays for customers and disrupting the record management process.

By adopting the latest technology, organizations can automatically read cheques accurately, reducing errors and allowing resources to focus on more valuable work.

This solution is a tool designed to extract information from images of cheques. It leverages Azure Document Intelligence Studio, which utilizes machine learning and advanced Optical Character Recognition (OCR) capabilities to analyze and extract key fields and line items from scanned cheques.

Additionally, this tool can be custom-trained and extended to extract information from various documents such as invoices, utility bills, sales orders, and purchase orders. It supports a wide range of formats and qualities, including phone-captured images, scanned documents, and digital PDFs.

This solution is designed for organizations

1. Who deals with a lot of cheque payments from customers or vendors
2. Requires precise documentation of cheque transactions
3. Looking to automate the process and reduce long-term cost

The business benefits include:

1. Cost: This solution minimizes the manual effort needed to copy cheques and maintain digital records.
2. Accuracy: It helps prevent manual errors during the record-copying process.

Sample cheques will be required for this solution to train the model.

Optical Character Recognition (OCR)

1. On-prem ( on customer systems or on DeepQ-AI Environment)
2. On hosted cloud space ( Customer or DeepQ-AI Environment)
   ( deployment is subject to data availability in the same environment, or feasibility of seamless data transfers within secured environments)

1. Final outputs could include cheque data in digital form.
2. Batch files, such as Excel files or flat files.
3. Outputs can be shared through API requests. By sending an API request with inputs, you can receive a response. This can be integrated into an existing application or a separate web app can be created.