SQN Signs Contract for Check Fraud Prevention Solution in Brazil With Parascript’s Signature Verification Technology
BOULDER, Colo. and RANCOCAS, N.J., Jan. 4 /PRNewswire/ — Parascript, LLC, an image analysis and pattern recognition technology provider, SQN Banking Systems, a provider of integrated fraud detection and process improvement products for the financial industry, and Bull, an information technology company that helps corporations and public sector bodies develop open and secure information systems, today announced a joint implementation combining the SENTRY SigCheck signature verification system with Parascript’s signature authentication technology at one of the five largest banks in Brazil. This new signature verification system, implemented and integrated by Bull, was also deployed in a similar fashion at Banco Banrisul earlier this year.
“With the rising number of check images being processed in Brazil, there is an increasing need for fraud prevention solutions,” said Eraldo Silveira, executive-director for the Financial Vertical at Bull. “We are delighted to have technology partners such as SQN and Parascript which allows us to offer best-of-breed solutions to our clients.”
“Our primary goal is to instill confidence with our banking partners by equipping them with the most robust and technologically advanced check fraud detection systems available,” said Joe Uhland, president of SQN Banking Systems. “At SQN, we are focused on facilitating steadfast relationships and streamlining decisions and functions, while saving money for financial institutions.”
SQN’s SigCheck takes on-us check images, extracts one or more side-by-side signatures from the check, depending on the associated signing rules and verifies the signatures using Parascript’s SignatureXpert to prevent fraud. SignatureXpert leverages artificial intelligence and exploits the most comprehensive and advanced methods available in the art of signature verification. Automatic comparison is executed by a powerful combination of verifiers. In particular, the technology combines a human-like holistic analysis of a signature and signature segmentation with a subsequent analysis of the signature elements and characteristics. Parascript’s signature verification technology is also currently being used in the United States, United Kingdom, Zimbabwe, United Arab Emirates, Kenya and other countries.
“We are delighted to bring our integrated fraud prevention technology to yet another Brazilian bank with our partners SQN and Bull,” said Mike Fenton, vice president sales and operations for Parascript. “Check fraud continues to be a problem throughout the world and we are pleased to have a solution to stop it before it happens.”
Bull is an information technology company, dedicated to helping corporations and public sector bodies develop open and secure information systems to sustain their business strategies. The premier European-based global IT supplier, Bull has a worldwide presence in more than 100 countries, and is particularly active in the defense, finance, healthcare, manufacturing, and public and telecommunications sectors. For more information, visit: www.bull.com.
About SQN Banking Systems
For more than 20 years, SQN Banking Systems has provided integrated fraud detection and process improvement products for the financial industry, meeting the needs of financial institutions of all sizes. The SENTRY suite of products includes software for exception item processing, image fraud detection tools, automated signature comparison, signature verification and display, transaction analysis and safe deposit operations management. More than 500 SQN customers have improved their earnings and reduced check fraud losses by as much as 84 percent with SENTRY. For more information, visit SQN’s Web site at www.sqnbankingsystems.com.
About Parascript, LLC
The Parascript image analysis suite extracts meaningful information from images. Employing patented digital image analysis and pattern recognition technologies, the Parascript image analysis suite improves decision quality in medical imaging, postal and payment automation, fraud detection, and forms processing operations. Parascript software processes over 100 billion imaged documents per year. Fortune 500 companies, postal operators, major government, and financial institutions rely on Parascript products. Organizations include the U.S. Postal Service, Bowe Bell + Howell, CheckFree – now part of Fiserv, Elsag, Lockheed Martin, NCR, Siemens, and Unisys. Parascript is online at http://www.parascript.com.
SOURCE Parascript, LLC