More NewsCheck 21 Tool Launched by Mitek

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.

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

3m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

4m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

4m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

4m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

4m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

4m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

5m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

5m Mateo Graziosi