Parascript: Smart Learning with Zero Configuration
Dr. Alexander Filatov, CEO
A technology that enables a computing device to inspect, evaluate, and identify still or moving images, machine vision systems can perform repetitive tasks faster, more accurately, and with greater consistency. As a result, labor costs are reduced, production yields increase, as well as errors associated with incomplete or incorrect assembly, are eliminated. “By utilizing machine vision, Parascript creates best-in-class AI software, which streamlines the access to an organization’s data with unequaled precision, irrespective of the source, data, or document,” states Dr. Alexander Filatov, CEO of Parascript.
Parascript’s software enables automation in documents, forms, mail processing, transaction processing, and fraud prevention through digital image analysis, artificial intelligence (AI), machine learning, and advanced pattern recognition. By providing high automation and low error rates, Parascript technology is unique in its focus on precision document processing; thereby contributing to significant downstream cost reductions and a higher level of customer satisfaction.
The new smart-learning capability is the fruit of Parascript’s 25 years of expertise with advanced artificial intelligence. While leading capture systems have some “learning” capabilities, they are based upon the combination of user-supplied instruction and template creation. This typical process fails to reduce work with the initial configuration and creates a large, unmanageable system that is deftly resolved by Parascript through their breakthrough innovation Parascript FormXtra.AI. Through a self-learning method, FormXtra significantly reduces the complexity and costs associated with document classification and data extraction.
Parascript creates best-in-class AI software, which streamlines the access to an organization’s data with unequaled precision, irrespective of the source, data, or document
FormXtra.AI monitors and collects background data from operations and uses it to measure and improve performance with no change to existing workflows. By working in the background, it eliminates manual efforts to configure or optimize the system. As it can adapt to new changing streams of documents in the background while documents are processed, maintaining ongoing system performance in dynamic production environments becomes effortless.
Parascript has designed products that serve various industries like banking and finance, healthcare and insurance, logistics and transportation, data verification while catering to business process outsourcers, service providers, original equipment manufacturers, and value-added resellers, postal, and financial organizations, in the U.S. and across the globe.
Besides addressing the needs of document processing, mail, and post, fraud prevention as well as medical imaging, Parascript helps to streamline and automate the sorting of the full mail stream, for high volume mailers, postal operators, major corporations, and government agencies.
Parascript fraud prevention solutions help identify and prevent fraud for financial institutions regardless of channel, such as remote deposit, teller, web, ATM, or mobile device. The automated fraud solutions detect counterfeit documents, signature forgery, content alteration, duplicate presentment, and payee match discrepancies. Timely fraud prevention is the key to mitigate losses, protect assets, and improve customer service and loyalty.
Parascript® AccuDetect® Computer-Aided Detection (CAD) software helps radiologists read digital mammograms. Using several parallel algorithms and a patented voting method to achieve high sensitivity and low false-positive rates, AccuDetect identifies suspicious breast cancer areas for further review, while improving the performance of radiologists in discriminating between malignant and non-malignant cases.
Over the years, Parascript has established itself as a trusted provider of state-of-the-art solutions applying computer vision and artificial intelligence to some markets. They have grown to be the source for applied artificial intelligence technologies for the U.S. Postal Service and other Global 2000 organizations including JP Morgan Chase, Fiserv, Lockheed Martin, NCR, Siemens, and Unisys.
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