Check 21 Tool Launched by Mitek
Mitek Systems, has launched image-analysis tool ImageScore in advance of Check 21’s introduction in the US. The product is an image quality analysis tool designed specifically for financial institutions. It analyses scanned images of checks to verify the quality of the image. It ensures the image is an acceptable payment instrument for financial institutions and verifies that the images conform to the quality and usability criteria defined by the X9.37 standards committee. The tool aims to avoid loss of transaction data if the paper check is destroyed before the information is accurately captured as an electronic image, one of the problems facing banks in the emerging Check 21 environment. According to Mitek, the ImageScore tool flags potential flaws while conducting several levels of tests for each data item including verifying whether the data items are present, as well as performing optical character recognition/ intelligent character recognition (OCR/ICR) tests. The Check 21 Act facilitates check truncation by providing legal equivalence to a substitute check (also referred to as image replacement document). It will become effective in the US on 28th of October 2004.