Business News
Integrated Check and Forms Processing Solution from Aperta and Parascript Selected by B-Line, LLC to Automate Payment Processing
Wednesday 26. March 2008 - Leading purchaser of consumer bankruptcy accounts speeds payment processing, increases accuracy and cuts labor in half with Aperta, Parascript
Parascript, LLC, the image analysis and fraud prevention technology provider, today announced that B-Line, LLC, one of the leading purchasers of consumer bankruptcy accounts in the United States, has implemented Aperta’s Visual Remittance and Payment Application (VRPA+), which includes Parascript’s check and form recognition software. The solution allows B-Line, LLC to automatically read close to 90 percent of all transactions received — checks, forms, and remittances — without requiring manual intervention. It additionally offers increased processing accuracy over manual labor, resulting in fewer downstream issues such as payments posted for the wrong amount or to the wrong account — problems that can take months to identify, sort out and correct.
B-Line, LLC receives a high volume of low-dollar transactions in a multitude of formats unique to each remitter. These formats range from checks with remittance advices to checks with multiple pages of listed transactions. Aperta’s VRPA+ uses state-of-the-art document imaging technology to reduce the labor required to capture, correct, balance, and process checks and other payments with accompanying documents. Parascript’s check recognition software reliably reads Courtesy Amount/Legal Amount (CAR/LAR), along with other fields regularly encountered on checks, increasing speed and accuracy. Parascript’s form processing software reads diverse field types such as account numbers, payment amounts, court case numbers and account holder’s name and social security number, among others. The software can read these fields even when they are located in non-standard positions, expanding the number of automatically processed documents.
“With the flexibility of Aperta’s application and Parascript’s technology to read almost any format or text type, we are able to consolidate all inputs, eliminating redundancy and inconsistencies across our sources. We consistently meet same-day deposit requirements, regardless of the volume of transactions received, while also decreasing the labor required to process these transactions by 60 percent,” said Kathleen Aldridge, director of client services for B-Line, LLC.
“VRPA+ is a flexible and scalable document processing system able to manage over a million check and remittance items per day,” said Tim Kickham, sales director for Aperta. “We rely on Parascript’s technology to accurately recognize and extract the required information from these high volume transactions.”
“We understand the needs of businesses to process high volumes of payment information in the most efficient and productive way,” said Mike Fenton, vice president of sales and operations for Parascript. “With our check and form recognition technology, and with leading partners such as Aperta, we are able to offer complete solutions that streamline the processing of all types of payments simultaneously, resulting in higher accuracy and reduced labor costs.”