Fintech APIs

You can verify if a customer is legit or not. With our OCR API, you can extract the OVD  details provided by a customer. This data can be retrieved and checked for credibility. This will protect you from fraudsters.

Once the user provides the scanned copy or image of the OVD or other documents, the API extracts the data with the use of an AI-based decision engine. The extracted data is verified using other APIs. You will be provided with a response with the required details.

There is minimal to zero chances of any error in the extraction. The data is obtained using our completely reliable AI-based decision engine API. Using our other APIs the data is double-checked with the government’s system and the response is generated rendering the process precise and error-free.

You only need the clear scanned image or photo of the OVD or other documents for this API to work. If the image is blurry, the extraction will be stopped. We do not compromise with precision as it may increase the risk.

OCR, in the context of banking, stands for Optical Character Recognition. It is a technology-driven process that involves using advanced algorithms and software to extract and interpret characters from printed or handwritten text found within digital images of various documents, such as scanned paper documents. The primary objective of OCR in banking is to read and decipher the textual content of these documents, converting them into machine-readable code that can be processed and utilized for various data-driven tasks. Another term often used interchangeably with OCR in banking is text recognition.

Optical Character Recognition (OCR) involves several key processes to ensure accurate and efficient text extraction from scanned documents or images. These processes include Pre-processing, Character Identification and Post-processing.

Pre-Processing: The first step in OCR is pre-processing, where the scanned document or picture is optimized before the actual character recognition and text identification algorithms can be applied. This stage aims to improve recognition accuracy by removing any faults, improving the quality of the image and eliminating distortions that may hinder the subsequent analysis.

Character Identification: Once the pre-processing is complete, the character identification process begins. This process involves defining the dataset that needs to be extracted from the document or image. This step includes a crucial stage known as ‘Feature Extraction,’ where undesired information is filtered out and only relevant data is extracted. Machine Learning (ML) and Deep Learning engines are utilized to transform this extracted data into machine-readable text.

Post-Processing: After the character identification stage, post-processing comes into play. This process focuses on further enhancing accuracy and rectifying any mistakes that may have occurred during character recognition. One common technique employed in post-processing is the use of a lexicon, which is essentially a list of specific industry or application-related phrases. The OCR algorithm utilizes this lexicon to validate and cross-reference the output, thereby ensuring greater accuracy in the final extracted text.

Overall, the key processes in OCR, namely Pre-Processing, Character Identification, and Post-Processing, work together to optimize the scanned document or image, accurately identify characters and refine the final output to provide reliable and accurate machine-readable text.

Optical Character Recognition (OCR) has proven to be a pivotal invention with countless applications and one sector that reaps substantial benefits from this technology is banking. The significance of OCR in banking stems from its capability to streamline and enhance various banking processes.

First and foremost, OCR facilitates efficient data extraction and digitization of essential documents such as passports, identification cards and bank statements. By automatically converting these physical documents into digital formats, OCR enables banks to reduce manual data entry and minimize the risk of human error. This significantly speeds up processes like customer onboarding, loan applications and account opening, ultimately improving operational efficiency and enhancing customer experience.

Additionally, OCR plays a crucial role in combating fraud and ensuring security in banking. By accurately interpreting and verifying information on cheques, identification documents and other financial instruments, OCR technology helps banks detect fraudulent activities such as counterfeit checks and forged signatures. This capability aids in protecting the interests of both the banking institution and its customers, fostering trust and confidence in the financial system.

Furthermore, OCR enables banks to automate document processing and data extraction, contributing to faster loan approvals and credit assessments. With OCR, banking personnel can analyze large volumes of data with greater speed and accuracy, leading to more informed lending decisions. This not only saves valuable time but also assists in mitigating risks associated with manual processes and human error.

Moreover, OCR assists in regulatory compliance by efficiently processing and categorizing various documents required by regulatory bodies. Compliance requirements often involve extensive documentation, which can be cumbersome and time-consuming to handle manually. OCR technology simplifies this process by quickly extracting relevant data and organizing it according to regulatory standards, ensuring banks remain compliant and avoid potential penalties.

Lastly, OCR benefits banking customers by providing convenient access to services and information. By incorporating OCR into mobile banking applications, customers can effortlessly scan checks for remote deposit, extract payment details from invoices and even translate foreign-language documents on the go. This enhances the overall banking experience, making it more user-friendly and efficient for customers.

In conclusion, the importance of OCR in banking lies in its ability to streamline processes, enhance security, improve decision-making, enable regulatory compliance and provide convenient customer services. By harnessing the power of OCR, banks can achieve greater efficiency, accuracy and customer satisfaction, ultimately revolutionizing the way banking operations are conducted.

Users should take certain precautions in OCR processing to ensure accuracy. They should correct basic errors, proofread the extracted text, and double-check intricate layouts before storing the document for future use. User involvement is crucial in reviewing and verifying the accuracy of the OCR results to avoid potential mistakes or inaccuracies.

When a character is identified in OCR, it is converted into an ASCII code that computers can utilize for additional actions. Each character is assigned a specific ASCII code, enabling computers to process and manipulate the characters accordingly. For example, the letter “A” might be represented by the ASCII code 65.

OCR algorithms utilize two main methods for character detection: pattern recognition and feature detection. Pattern recognition involves providing OCR programs with text samples in various fonts and formats, which are then compared and recognized on the scanned page. Feature detection, on the other hand, relies on specific rules based on the attributes of a particular letter or number to identify characters. For example, the capital letter “A” may be represented by two diagonal lines crossed in the center by a horizontal line.

The first step in OCR is processing a physical document with a scanner. The document is converted to a two-color, black and white form. Dark areas on the scanned image indicate characters that need to be recognized, while light areas represent the background. These areas are analyzed for light and dark regions.