New Sol By Newgen Reduces Risks for Banks

by CXOtoday Staff    Dec 15, 2009

To increase operational efficiencies and reduce risks for banks, Newgen Software Technologies has introduced the Automatic Signature Verification (ASV) feature to its Cheque Truncation System (CTS). 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.

ASV discovers intra-person variations in a signature and enables banks to intelligently distinguish between authentic and fake signatures. It automatically identifies changes in a person’s signature and updates these changes in a database to verify the legitimacy of the signature. It also ensures that all cheques undergo the verification process.

Stating the benefits of the Automatic Signature Verification, 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."