The agreement will integrate Parascript’s Intelligent Recognition software into SQN’s Sentry product suite.
Parascript said its CheckPlus platform enables users to read the payee line for payee match positive pay and dates for additional verification. Its CheckStock product analyzes the placement of items on checks to allow banks to identify any variations.
The American Bankers Association has reported that attempted check fraud in US banks grew from $4.3bn in 2001 to $5.5bn in 2003.
