Symcor who are owned by, and manage cheque clearing for some Canadian banks, (Royal Bank of Canada, Bank of Montreal & Toronto Dominion Bank) are moving ahead in preparation for cheque imaging, and clearing, known in Canada as TECP.

Finextra: Symcor licenses Carreker Image Inspector

“In preparation for Truncation and Electronic Check Presentment (TECP), Canada’s equivalent to Check 21, one of our top priorities is to have a solution in place that mitigates our risk exposure, protects our customer’s privacy, and ensures document integrity — by not only analyzing an image for quality, but also for usability both in our current and future image exchange environment,” said Wayne Martin, Symcor’s senior vice president, Technology Services. “Carreker’s Image Inspector will allow us to meet these objectives and further improve efficiencies as we capitalize on imaging technology.”

Image Inspector uses Carreker’s advanced image recognition technology and sophisticated detection routines to analyze and flag low quality items for repair. The product is designed to ensure the integrity of check and payment document images and verify their readability for financial institutions. It analyzes these images to determine if they are of good quality and that key information such as the payee name, legal amount, courtesy amount, and signature are present and readable. Image Inspector can also identify missing images and conditions where the MICR in the image does not match the item transaction data.

Technorati Tags: symcor, cheque+imaging, check+image, TECP, check+21