Longmont, Colo.—Oct. 15, 2012—Machine print, handprint and cursive recognition technology provider Parascript LLC opened of a new office in India to address growing demand from financial institutions, business process outsourcers (BPO’s) and business partners/technology integrators in the region to capture data from electronic images of check and forms; and perform automated signature verification. Parascript’s office in Chennai provides central access to key markets in India; the Middle East; and other South, South East and East Asia countries.
Mike Fenton, Vice President of International Sales, Parascript will oversee the office in India. He will be joined by Raj Rajagopal, Professional Services Implementation Manager, a native of the region. Together, they will work with partners and their end-users to design and implement recognition solutions.
“We are excited about the opportunities in India with the growing adoption of the check truncation system as well as the number of large service providers in the area that are processing forms,” explained Dwayne Ritchie, Senior Vice President of Sales and Marketing, Parascript. “As a leading developer of cursive, handprint and machine print recognition software, we welcome this opportunity to leverage our strong focus on technology in a growing market. We look forward to Mike and Raj building their sales team and partner relationships in the area and becoming our experts on the ground, working with local integrators to address needs in the Indian market.”
Driving the market growth is the Check Truncation System (CTS), mandated by the Reserve Bank of India (RBI). CTS enables the electronic transmission of images (rather than the physical documents) for faster clearing of checks. Check truncation eliminates the need to move over one billion physical payments written in India each year across branches and financial institutions. This allows for faster clearing and availability of funds; better reconciliation and fraud prevention; increased cost efficiencies and; greater online tracking. Check truncation also enables automated signature verification.
Parascript’s recognition software identifies information on checks, envelopes, parcels and various forms, streamlining payments and forms processing and delivering highly accurate machine print, handprint and cursive recognition results.
The company expects its CheckPlus check processing software, FormXtra forms processing software and SignatureXpert signature verification software to be well received in the area.