MSys delivers AI powered check verification solution using Google TensorFlow
The client, founded in the 1800s and headquartered at Charlotte, North Carolina, is a United States-based bank. The client is spread throughout the U.S, employing over 30,000 people and generating a revenue of over 10 billion U.S. dollars.
The pleasure of ACH – automated clearinghouse and online banking doesn’t give relief to the tedious process of collecting and verifying handwritten checks from individuals or corporations manually. This results in a higher possibility of fraudulent checks. The client in the previous three years had lost a sizeable amount of money due to check frauds. The key concern of the client was that checks are processed immediately, requiring the money to be handed over to the customers physically. Therefore, it becomes key to identify and stop the counterfeit checks in real-time.
MSys used advanced comparative algorithms that continuously runs through the broad set of data. It scans both good and fraudulent checks to date and detects a pattern and, based on it, flags the bank in case of any underlying threat.
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