October 15, 2012
Parascript®, LLC, a leading machine print, handprint and cursive recognition technology provider, is today announcing the opening of a new office in India to address growing demand from financial institutions, business process outsourcers (BPOs) and business partners/technology integrators in the region to capture data from electronic images of cheques and forms, and perform automated signature verification. Parascript’s new office in Chennai provides central access to key markets in India, the Middle East and other South, South East and East Asia countries.
Mike Fenton, vice president of international sales, with over 10 years at Parascript and deep experience in the financial services and forms processing industries for the past 25, will oversee the office in India. He will be joined by Raj Rajagopal, professional services implementation manager, who has also worked at Parascript’s U.S. headquarters and is a native of the region. He draws on 20+ years in project and database management, systems implementation and integration. Fenton and Rajagopal will work with partners and their end-users to design and implement recognition solutions.
Driving the market growth is the Cheque Truncation System (CTS), mandated by the Reserve Bank of India (RBI). CTS enables the electronic transmission of images (rather than the physical documents), for faster clearing of cheques. Cheque truncation eliminates the need to move over 1 billion physical payments written in India each year across branches and financial institutions, allowing for faster clearing and availability of funds; better reconciliation and fraud prevention; increased cost efficiencies and greater online tracking. Cheque truncation also enables automated signature verification.
“We are excited about the opportunities in India with the growing adoption of the cheque truncation system as well as the number of large service providers in the area that are processing forms. As a leading developer of cursive, handprint, and machine print recognition software, we welcome this opportunity to leverage our strong focus on technology in a growing market. We look forward to Mike and Raj building their sales team and partner relationships in the area and becoming our experts on the ground, working with local integrators to address needs in the Indian market,” said Dwayne Ritchie, senior vice president of sales and marketing for Parascript.
Each year, Parascript technology captures data from billions of documents. Its intelligent recognition software recognizes information on cheques, envelopes, parcels, and various forms, streamlining payments and forms processing and delivering highly accurate machine print, handprint and cursive recognition results. Its SignatureXpert product to prevent signature fraud was awarded best performance for forensic signature verification at the 12th International Conference on Frontiers in Handwriting Recognition, 2010, outperforming the competition by 50%.
The company expects its CheckPlus cheque processing software; FormXtra forms processing software, and SignatureXpert signature verification software, to be well received in the area.
Parascript is headquartered in Longmont, Colorado. It has a development office in Moscow and sales office in Chennai, India.
About Parascript, LLC
Parascript is a leading developer of cursive, handprint, and machine print recognition technology. Leveraging digital image analysis and advanced pattern recognition, its software enables business automation in areas like forms processing, postal and financial automation, fraud prevention and medical imaging. Parascript’s award-winning technology draws on a proven 15+ year track record and processes billions of document images annually...Postal Service), major government and financial institutions rely on Parascript products, which are distributed through its partner network, including: IBM, EMC, Bell and Howell, Fiserv, Selex Elsag, Lockheed Martin, NCR, Siemens, and Burroughs. Visit Parascript online at http://www.parascript.com.
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