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DeepQuanty Artificial Intelligence Labs Launches ‘SnapChek’ – An Automatic Processing Engine

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India Sets Up A Task Force On Artificial Intelligence
  • An Automatic Cheque Processing Engine
  • Delivers above 90% extraction accuracy on any handwritten field such as date, name, amount in words and amount in figures
  • 100% extraction accuracy in printed fields such as account number, MICR, and IFSC Code.
  • Significantly reduces time & error in cheque clearing operations

DeepQuanty Artificial Intelligence Labs is proud to announce the launch of its first product – SnapChek – an Automatic Cheque Processing Engine, powered by Artificial Intelligence (AI). Designed and built by a patent pending process, SnapChek delivers above 90% extraction accuracy on any handwritten field such as date, name, 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 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. Says Sundar Kanniappan the CTO “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”.

DeepQuanty Artificial Intelligence Labs was set up just four months ago with the objective of applying Computer Vision and Artificial Intelligence to solve problems in the Banking, Retail, e-commerce, Insurance and Healthcare. The idea is to extract data from images such as cheques, application forms, identity proof, and apparel, with an ability to build further intelligence post extraction. For e.g., one can quickly sort apparel images into kinds, shapes, designs, colours, and sizes. Or similarly, extract from bank statements data such as type of income and expense. The deeper idea is to immensely change the customer experience in the industry and also deliver cost advantages.

DeepQuanty Artificial Intelligence Labs is founded by seasoned professionals with global exposure and decades of experience in the technology and data sciences domain.

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Suman Chaudhary
An engineer by education and writer by profession, Suman keeps tab on startup ecosystem of India and leads the research team of IndiaWeb2 for covering funding deals, merger & acquisition and market reports.

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