Thursday, August 24, 2006

Parascript Integrated Into Banking System

Boulder, Colorado-based Parascript, a provider of pattern recognition technology, has scored a new win with SQN Banking Systems. The firm's image recognition technology is being integrated into a product from SQN that provides fraud detection for the financial industry. SQN's SENTRY:Seal product is used to provide instant check verification; Parascript's CheckPlus check recognition product will be used by SQN's product to detect fraudulent checks. Terms of the deal were not disclosed. Parascript's products are based on cursive handwriting recognition.