DeepQuanty Labs launches first AI build product to enhance banking experience

DeepQuanty Artificial Intelligence Labs is proud to announce the launch of its first product - SnapChek - an Automatic Cheque Processing Engine, powered by Artificial Intelligence. Designed and built by a patent pending process, SnapChek delivers above 90% extraction accuracy on any handwritten field such as date, name, the amount in words and amount in figures and near 100% extraction accuracy in printed fields such as account number, MICR, and IFSC Code.

Mahadevan Jayaram, Co-Founder & Chief Revenue Officer, DeepQuanty Artificial Intelligence Labs, says, "SnapChek provides banks in India a significant opportunity to enhance banking experience. Imagine the reduction in turnaround time for cheque clearing."

SnapChek was developed at DeepQuanty's India Development Centre by a team of AI specialists in under four months. Sundar Kanniappan, CTO, DeepQuanty Artificial Intelligence Labs, says, "Our AI team is proud to have solved a very old handwriting recognition problem in an unconventional fashion, which puts SnapChek way ahead in performance when compared to known and published benchmarks. SnapChek is just the first of a slew of exciting products that will be launched in the next few months."