AnyDoc Software Enhances Remittance & Check Processing with Mitek Systems’ Check Engine15 Oct, 2008
AnyDoc Software Enhances Remittance & Check Processing with Mitek Systems’ Check Engine
Tampa, FL and San Diego, CA (October 2008) – AnyDoc Software, an award-winning developer of document and data capture technology, announced today it has signed an OEM (original equipment manufacturer) agreement with Mitek Systems Inc. (OTCBB: MITK), an innovator of image analytics and pattern recognition software for building check capture solutions. The agreement adds Mitek’s specialized ImageNet Payments check engine platform to AnyDoc’s Infiniworx solution for automated remittance, check, and Check 21 processing.
AnyDoc’s use of the Mitek ImageNet Payment platform enables the unique data elements of a check image to be automatically captured, eliminating the need for operators to hand-key the check data. It is able to read and accurately interpret the special MICR symbols and font used to designate bank account number, check number and routing number. In addition, the Mitek ImageNet Payment platform recognizes numeric and written values – commonly known as CAR/LAR (Courtesy Amount Recognition/Legal Amount Recognition) – on a check for validation and increased data accuracy. The data captured by the Mitek ImageNet Payment platform can then to be used to incorporate automatic database lookups and the auto-population of additional customer information, without human intervention.
Users of Infiniworx now have the flexibility to integrate automated check processing into a document and data capture processing workflow, matching their company’s existing business processes. Check and remittance documents will no longer require an individual to manually separate the check from the remittance. Once scanned, a check image (front and back) is automatically cropped from the remittance statement. “This feature alone has the potential to eliminate the labor it now takes to burst checks from the remittance pages, especially when you have tens of thousands of checks to deposit quickly,” said Charles W. Jackson, AnyDoc Software founder and CEO.
The check is then subsequently processed to capture the account number, check number, check amount and MICR, and the remittance is processed for the details utilizing AnyDocREMIT, allowing the remittance statement detail to be more accurately captured and overall processing speed increased. Checks can be virtually endorsed and electronically deposited remotely according to Check 21 specifications.
Jackson continued, “The Mitek ImageNet Payment platform rounds out our complete document processing solution for accounting. Users will benefit by eliminating the need to hand-key check data and most of the time-consuming manual verification process that was required before an accurate deposit could be made. Now check data can be captured automatically and deposits made without leaving one’s desk.”
"We are extremely pleased that the ImageNet Payment platform has been selected as an important component of Infiniworx. AnyDoc is leading industry trends by converging forms processing and payments solutions into one seamless integrated application,” said James DeBello, Mitek Systems president and CEO.
The Infiniworx solution for automated check and Check 21 processing combined with AnyDocREMIT provides users a complete accounts receivable solution. AnyDocREMIT automatically captures and processes summary and detail line item data from remittances without fixed-format templates. With the check information, the details on the remittance statement can be balanced automatically to the check amount to ensure accuracy before posting to the accounting system. The combined solution allows companies to dramatically improve the speed and accuracy of their accounts receivable remittance and check processing.