AI-Enabled Cheque Clearing

AS certain part of the countries been exposed to Cheque Truncation System (CTS), the traditional cheque clearing system process has been digitalize with electronic capture and transmission of cheque images/data between banks and clearing house. With this implemented in the country, we understand the tedious and repetitive human intervention work involve in “eye ball” verification of the digital cheque. This manual cheque verification increase error prone and incur labour cost, especially when cheque volume increase, this is risky. Come to this concern, OrangeFIN take an initiative to implement a solution build with AI and machine learning to help the industry to overcome this issue. AI-Enabled Cheque Clearing Solution defeated this purpose.



What is AI-Enabled Cheque Clearing (ATV & ASV)?


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  1. Used of AI and machine learning to make decision on cheque verification

  2. The solution include Automatic Technical Verification (ATV) and Automatic Signature Verification (ASV)

  3. A mechanism embedded with technology of Optical Character Recognition (OCR), used in capture and verify cheque element electronically such as date, payee name, amount in words , amount in figures , MICR and signature. All the verification will be done automatically by the engine and the exception will route for manual checking by human. The automation of this verification is aimed to replace human manual eye vision on cheque verification to determine the accuracy.



What is OrangeAI ATV & ASV Doing ?


OrangeAI will crop the cheque components, perform verification prediction on the cropped items and use the AI to make decision on the predicted verification results.





What is OrangeAI ATV Validate?

ATV engine will perform the technical verification such ask Cheque Identifier Verification, Existence Validation, date validation, payee validation, amount validation and MICR validation.


What is OrangeAI ASV Validate?

ASV engine will perform signature image validation and signatory rules condition validation.



Why you need OrangeAI ATV & ASV?



OrangeAI help you to overcome the difficulties with simpler, clear and fast manner in the AI Enabled Cheque Clearing solution. With the capabilities of making decision, our OrangeAI can benefit you with the following value proposition:

  1. Reduce Operation Cost: OrangeAI replace human involvement in cheque clearing operation and thus reduce operation cost.

  2. Increase Productivity: OrangeAI takes less than 2 seconds for each verification. This is speeding up the verification/decision making for a large volume of cheque automatically compare with traditional slow method of screening cheque through eyeball.

  3. Improve Process Accuracy: The automation of cheque verification with decision making can eliminate human error.

  4. Overcome Operation Issue in Covid Pandemic: No more impacted by Covid pandemic. Operation run as usual replace by OrangeAI