Newgen Software Technologies, a leader in the field of enterprise content management (ECM), business process management (BPM) and document management system (DMS), announced the introduction of a new feature in its cheque truncation system (CTS).
The innovative aspect called the automatic signature verification (ASV) is the latest feature of the CTS, which comes with increased operational efficiency and reduced risks for banks.
ASV is a unique method to handle the bank mandate scenarios for the verification of signatures. It extracts the signature from the cheque and verifies it against reference signatures using more than 65 parameters. This feature discovers intra-person variations in a signature and enables banks to intelligently distinguish between an authentic and a fake one.
It automatically identifies changes in a person’s signature and updates these changes in a database to verify the legitimacy of the signature. Automatic signature verification ensures that all cheques undergo the verification process.
Stating the benefits of the ASV, Diwakar Nigam, managing director, Newgen, said, “This flexible solution can handle multiple reference signatures and manage variety of cheque formats. This would not only reduce operational costs but also lead to reduced frauds.”
Newgen has successfully designed this system in line with the client needs and requirements. It has reiterated its position as an organization, which believes in quick response to the needs of its clients.