A2iA CheckReader Integrated into Leading Accounts Receivable Processing Software

A2iA Corp., a worldwide leading developer of cursive extraction and recognition software, announced today that A2iA CheckReader, a comprehensive check-image processing toolkit, has been integrated into OPEN SCAN’s latest RedCap(TM) product, an accounts receivable (A/R) solution that combines electronic check deposit, remittance processing, forms processing and cash application. Designed specifically for organizations that process business-to-business (B2B) wholesale payments, and proven to automate the reconciliation and cash-application process, RedCap with A2iA CheckReader typically provides an ROI in 12-months and offers a more cost-effective and efficient alternative to lockbox data entry.

This robust application allows organizations to capture and integrate images from financial institutions or remote deposit locations, and fully automate the data capture, intelligent A/R matching and cash application process. RedCap also leverages the existing relationship between the user and their bank, creating a more efficient receivables environment.

"We are excited to extend traditional remote deposit capture by incorporating cash application at the point of capture," said OPEN SCAN(R) CEO Nadine Lange. "This is in line with our vision of providing a suite of remittance processing solutions at the point of greatest efficiency."

RedCap’s queue-based workflow eliminates many of the time-consuming steps involved in current remote deposit capture systems and manual cash application processes. Once the envelope is opened, checks and remittance documents are scanned together rather than separately. A2iA CheckReader then locates and reads key information from the check-images including CAR and LAR, date, payee and payor name, and detects the presence of a valid signature. The check amounts are compared to the amounts on the remittance documents in order to cross-reference for improved accuracy. The remittance data is then matched against the receivables system, again to ensure the validity and accuracy of the data. In cases where the system cannot automatically validate the check amount, payment amount or other remittance data, the transaction is presented to an operator for verification. Transactions are balanced in real-time, which allow the operator to recognize any errors or missed-information immediately, and manually correct the values if necessary. Once validated, the information is then exported to the A/R system in the required file format. Deposits are posted the same day, and users achieve higher data quality for their accounting, credit/collections and customer service systems.

"This integrated solution addresses the marketplace’s needs – a product that reduces operating costs and increases efficiencies," said Jean-Louis Fages, A2iA President and Chairman of the Board. "A2iA CheckReader’s recognition capabilities, matched with OPEN SCAN’s expertise in the A/R space, provides for an easy-to-use, fully-automated solution that is scalable for organizations of any size."

RedCap works seamlessly as an add-on to A/R systems. With successful installations across a variety of markets such as transportation, insurance and distribution, RedCap is delivering measurable savings and further automating the reconciliation and cash application process. RedCap with A2iA CheckReader can also be deployed to small community banks, providing them with a wholesale lockbox solution and the ability to compete with larger financial institutions on this service offering.

RedCap with A2iA CheckReader is available for use with electronic check deposit, remittance processing, forms processing and cash application at the desktop or in a distributed enterprise environment. For more information, call OPEN SCAN at 303-333-7444 or visit www.openscan.com.

About A2iA
A2iA, Artificial Intelligence and Image Analysis, is a software company that operates one of the world’s largest research centers focusing on ways to extract information from everyday paper documents that contain handwritten information. A2iA’s Document Classification, OCR, ICR and IWR technologies have been reducing data-entry costs and improving business process automation for nearly 17 years. A2iA recognition engines can be used to enhance the forms processing, transaction processing, business process management, record-management, e-discovery, content management, document management, and knowledge management systems from leading vendors. For more information, please visit www.a2ia.com.

About OPEN SCAN(R)
Open Scan Technologies, Inc. (OPEN SCAN(R)) is a premier provider of modular and highly scalable receivables processing solutions that extend the functionality of remote deposit capture and wholesale lockbox. The company’s flagship product, RedCap(TM), delivers the convergence of electronic check deposit, remittance processing, forms processing and cash application at the desktop or in a distributed enterprise environment. Corporations, financial institutions and government agencies of virtually any size realize the highest levels of automation, data accuracy and operational savings for their receivables processing environments. For more information, please visit www.openscan.com.