12 June, 2022
At one of the largest Indian bank, we process lakhs of cheques at the rate of 20 cheques per second.
For any bank, Cheque clearing is a very important and highly resource intensive process. On any normal day, a leading bank can receive anywhere between 3-5 lakhs of cheques for clearance. Being an intricate process, it involves multiple levels of screening and vigilance to ensure regulatory guidelines are met. For all these reasons, major parts of this process are manual in nature till date. Guidelines involve verifying account information and some technical details present in the cheques. Some of the technical verification guidelines are as below:
The primary purpose of an AI based cheque clearance system is to reduce the processing time while also making the process less prone to errors and possible frauds due to collusion.
Arya’s module works on automating the process with the use of six different AI models for the various fields including Date, MICR, Amount in words and figures, Account Number and Signature extraction and verification. Each AI model is trained for high precision results using historical data of cheque images as well as signature snippets as provided from the database for signature matching.
Arya’s module has increased the efficiency of processing huge volumes of cheques. Each model generates a confidence score for it’s prediction of the field value. Based on these confidence scores, and after applying various business level validations, a sizable volume of cheques are cleared with minimal human intervention. Moreover, a highly precise signature verification model also helps in reducing the number of frauds.