Newgen Software Technologies 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 Cheque Truncation System 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 ought to automatically identify 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 Automatic Signature Verification, Diwakar Nigam, Managing Director, Newgen, said: “This flexible solution can handle multiple reference signatures and manage a variety of cheque formats. This would not only reduce operational costs but also lead to reduced frauds.” (Source: Newgen Software Technologies Limited/GST)