Leading Provider of Banking Fraud Detection Technology Solutions Incorporates
Parascript's Intelligent Recognition(TM) Technology to Combat the Growing
$5.5 Billion Check Fraud Loss
BOULDER, Colo., April 26 /PRNewswire/ -- Parascript(R), LLC, the
Intelligent Recognition(TM) technology provider, today announced a partnership
with SQN Banking Systems, a leading integrator of check fraud detection and
process improvement products for the financial industry. The integration of
Parascript Intelligent Recognition software into the SQN SENTRYTM product
suite will heighten the ability of banks and financial institutions to protect
customers, and themselves, against revenue loss due to check fraud.
The American Bankers Association reported that attempted check fraud in
banks nationwide grew from $4.3 billion dollars in 2001 to $5.5 billion in
2003. As the fraud problem gains muscle, more financial resources are
required to combat it. The most cost-effective method to fight the growing
issue is through implementation of automated fraud detection technology.
SQN Banking Systems is recognized as a leading supplier to some of the
largest financial institutions, serving over 500 customers in the United
States. By integrating Parascript CheckPlus(R) and Parascript CheckStock(TM)
software into their SENTRY: Inspect product, the company increases their
ability to detect multiple types of fraud. CheckPlus offers the ability to
read the payee line for payee match positive pay and dates for additional
verification. CheckStock, one of Parascript's newest fraud detection
products, scrutinizes the placement of items on checks, allowing banks to
identify even the slightest variations, minimizing acceptance of altered
checks.
"SQN partnered with Parascript because they continue to develop
cutting-edge products for integrated fraud detection and prevention
solutions," said Joe Uhland, president, SQN. "The integration of Parascript
software into our SENTRY: Inspect product is helping one of the largest banks
in Los Angeles to reduce revenue loss due to check fraud."
"Partnering with SQN supports our business strategy of developing
long-term relationships that meet the growing needs of the financial
industry," said Jeff Gilb, president and CEO of Parascript. "Working closely,
we directly address the unique challenges and problems facing financial
institutions today while gaining insight that we can apply to future
technology development."
About SQN Banking Systems
SQN Banking Systems is a leading provider of integrated fraud detection
and process improvement products for the financial industry. SQN's SENTRY
suite of products provides exception item processing, predictive software that
detects check and deposit fraud, signature verification, and safe deposit
operations management. SQN supports both client/server and host applications
and integrates with most teller systems. For more information on the company,
access the SQN Banking Systems website at http://www.sqnbankingsystems.com.
About Parascript, LLC
Parascript's Intelligent Recognition engine captures, interprets and
transforms paper-based data into actionable information. Uncovering the
hidden meaning of information, we help commercial and government organizations
drive higher accuracy and productivity while automating costly data entry.
The first to solve the cursive handwriting puzzle, Parascript has grown to be
the Intelligent Recognition solution for the U.S. Postal Service and other
Global 2000 organizations including Bowe Bell & Howell, Carreker, Lockheed
Martin, NCR, Siemens, and Unisys. Parascript is online at http://www.parascript.com.
Parascript, and CheckPlus are registered trademarks. CheckStock and
Intelligent Recognition are trademarks of Parascript, LLC. All other
trademarks and trade names are the property of their respective owners.
SOURCE Parascript, LLC
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Related links:
http://www.parascript.com
CONTACT:
Sara McMillan of Parascript, LLC,
+1-303-381-3108, sara.mcmillan@parascript.com; or Hilary McCarthy
of SZPR, +1-508-829-2543, hilary@szpr.com, for Parascript, LLC
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