A Bank Check Parser API is an application programming interface used to extract critical information from bank checks, such as payer and payee information, account numbers, dates, and monetary amounts. This API can automate the process of extracting data from scanned or photographed check pictures by leveraging technologies such as optical character recognition (OCR) and parsing algorithms.
This automation streamlines various financial and banking tasks, including check deposit procedures, fraud detection, reconciliation, and record-keeping, offering an efficient solution for businesses and institutions dealing with check-based transactions.
You can use Bank Check Parser in numerous fields, here are some examples of common use cases:
While comparing Bank Check Parser APIs, it is crucial to consider different aspects, among others, cost security and privacy. Bank Check Parser experts at Eden AI tested, compared, and used many Bank Check Parser APIs of the market. Here are some actors that perform well (in alphabetical order):
Base64.ai's Bank Check Parser extracts financial information from checks and automatically enters it into your accounting system. Base64.ai automatically compares the amount, check number, and routing number on the check to the MICR (bottom numbers) and text on the check. Their customers save hundreds of employee hours each month by employing their AI to process even the most complicated documents in seconds with 99.7% accuracy.
Mindee's technology includes advanced OCR capabilities for accurately reading and interpreting text from check images. The API is intended to extract critical information from bank checks, such as account numbers, payer and payee details, check amount, check date, and routing information. Mindee's technology aims for high accuracy in identifying and extracting data from checks, decreasing the need for manual verification and adjustments.
To extract data from bank check photos, ScanDocFlow use a combination of OCR (Optical Character Recognition) and Natural Language Processing (NLP). It is an innovative solution for remote deposit capture (RDC) and Cash Application. They handle multipage files using advanced algorithms to scan tabular data quickly and accurately. They extract remittance information from photos, emails, and PDFs and match it to payments. Magnetic Inc Character Recognition (MICR) information is extracted from photos, pictures, scanned hardcopies, and digital PDFs by their Data Extraction Engine.
To extract data from checks, Veryfi software often use complex algorithms and machine learning techniques. Banks can process checks faster and more accurately with the help of bank check OCR, lowering the risk of fraud and increasing customer service. Furthermore, this technology may be used to maintain digital records of checks, which can be easily accessed and analyzed, offering important insights on customer behavior. Its features include data accuracy, speed, and security.
Bank Check Parser API performance can vary depending on a number of variables, including the technology used by the provider, the underlying algorithms, the amount of the dataset, the server architecture, and network latency. Listed below are a few typical performance discrepancies between several Bank Check Parser APIs:
Companies and developers from a wide range of industries (Social Media, Retail, Health, Finances, Law, etc.) use Eden AI’s unique API to easily integrate Bank Check Parser tasks in their cloud-based applications, without having to build their own solutions.
Eden AI offers multiple AI APIs on its platform among several technologies: Text-to-Speech, Language Detection, Sentiment Analysis, Face Recognition, Question Answering, Data Anonymization, Speech Recognition, and so forth.
We want our users to have access to multiple Bank Check Parser engines and manage them in one place so they can reach high performance, optimize cost and cover all their needs. There are many reasons for using multiple APIs :
Eden AI has been made for multiple AI APIs use. Eden AI is the future of AI usage in companies.
You can see Eden AI documentation here.
The Eden AI team can help you with your Bank Check Parser integration project. This can be done by :