What is Bank Check Parser API?
A Bank Check Parser API is an application programming interface used to extract critical information from bank checks, such as payer and payee information, account numbers, dates, and monetary amounts. This API can automate the process of extracting data from scanned or photographed check pictures by leveraging technologies such as optical character recognition (OCR) and parsing algorithms.
This automation streamlines various financial and banking tasks, including check deposit procedures, fraud detection, reconciliation, and record-keeping, offering an efficient solution for businesses and institutions dealing with check-based transactions.
Bank Check Parser APIs Use Cases
You can use Bank Check Parser in numerous fields, here are some examples of common use cases:
- Check Deposit Automation: These APIs enable businesses and individuals to streamline check deposits by automatically extracting key information, reducing manual data entry errors, and accelerating the deposit process.
- Record Keeping and Reconciliation: Bank Check Parser APIs facilitate accurate record-keeping by extracting and organizing essential check details. This aids in reconciling accounts and simplifies auditing procedures.
- Fraud Detection: By quickly analyzing check information, these APIs can identify potential fraudulent activities, such as altered checks or mismatched details, helping to safeguard against financial losses.
- Accounting and Expense Management: Automation of check data extraction simplifies accounting tasks, allowing businesses to efficiently manage expenses, categorize transactions, and maintain accurate financial records.
- Loan and Mortgage Processing: In the lending industry, Bank Check Parser APIs can accelerate loan application processing by swiftly extracting relevant financial information from checks, expediting approval workflows.
Best Bank Check Parser APIs on the market
While comparing Bank Check Parser APIs, it is crucial to consider different aspects, among others, cost security and privacy. Bank Check Parser experts at Eden AI tested, compared, and used many Bank Check Parser APIs of the market. Here are some actors that perform well (in alphabetical order):
1.Base64.ai - Available on Eden AI
Base64.ai's Bank Check Parser extracts financial information from checks and automatically enters it into your accounting system. Base64.ai automatically compares the amount, check number, and routing number on the check to the MICR (bottom numbers) and text on the check. Their customers save hundreds of employee hours each month by employing their AI to process even the most complicated documents in seconds with 99.7% accuracy.
2.Mindee - Available on Eden AI
Mindee's technology includes advanced OCR capabilities for accurately reading and interpreting text from check images. The API is intended to extract critical information from bank checks, such as account numbers, payer and payee details, check amount, check date, and routing information. Mindee's technology aims for high accuracy in identifying and extracting data from checks, decreasing the need for manual verification and adjustments.
3.ScanDocFlow
To extract data from bank check photos, ScanDocFlow use a combination of OCR (Optical Character Recognition) and Natural Language Processing (NLP). It is an innovative solution for remote deposit capture (RDC) and Cash Application. They handle multipage files using advanced algorithms to scan tabular data quickly and accurately. They extract remittance information from photos, emails, and PDFs and match it to payments. Magnetic Inc Character Recognition (MICR) information is extracted from photos, pictures, scanned hardcopies, and digital PDFs by their Data Extraction Engine.
4.Veryfi - Available on Eden AI
To extract data from checks, Veryfi software often use complex algorithms and machine learning techniques. Banks can process checks faster and more accurately with the help of bank check OCR, lowering the risk of fraud and increasing customer service. Furthermore, this technology may be used to maintain digital records of checks, which can be easily accessed and analyzed, offering important insights on customer behavior. Its features include data accuracy, speed, and security.
Performance variations of Bank Check Parser API
Bank Check Parser API performance can vary depending on a number of variables, including the technology used by the provider, the underlying algorithms, the amount of the dataset, the server architecture, and network latency. Listed below are a few typical performance discrepancies between several Bank Check Parser APIs:
- Accuracy: The accuracy of the API in correctly identifying and extracting information from checks is a crucial performance metric. APIs with better OCR and parsing algorithms will yield more accurate results, reducing the need for manual corrections.
- Speed: The speed of data extraction can vary between different APIs. Faster processing times can significantly impact the efficiency of financial processes that rely on quick check data extraction.
- Security: As check data contains sensitive financial information, APIs that prioritize data security and privacy are important to ensure compliance with regulations and protect customer data.
Why choose Eden AI to manage your Bank Check Parser APIs
Companies and developers from a wide range of industries (Social Media, Retail, Health, Finances, Law, etc.) use Eden AI’s unique API to easily integrate Bank Check Parser tasks in their cloud-based applications, without having to build their own solutions.
Eden AI offers multiple AI APIs on its platform among several technologies: Text-to-Speech, Language Detection, Sentiment Analysis, Face Recognition, Question Answering, Data Anonymization, Speech Recognition, and so forth.
We want our users to have access to multiple Bank Check Parser engines and manage them in one place so they can reach high performance, optimize cost and cover all their needs. There are many reasons for using multiple APIs :
- Fallback provider is the ABCs: You need to set up a provider API that is requested if and only if the main BankCheck Parser API does not perform well (or is down). You can use confidence score returned or other methods to check provider accuracy.
- Performance optimization: After the testing phase, you will be able to build a mapping of provider’s to optimise performance by selecting the right provider for each field (one provider for payer, one for dates, one for amount, etc.) Each data that you need to process will then be sent to the best Bank Check Parser API.
- Cost - Performance ratio optimization: You can choose the cheapest Bank Check Parser provider that performs well for your data.
- Combine multiple AI APIs: This approach is required if you look for extremely high accuracy. The combination leads to higher costs but allows your AI service to be safe and accurate because Bank Check Parser APIs will validate and invalidate each other for each piece of data.
How Eden AI can help you?
Eden AI has been made for multiple AI APIs use. Eden AI is the future of AI usage in companies.
- Centralized and fully monitored billing on Eden AI for all Bank Check Parser APIs.
- Unified API for all providers: simple and standard to use, quick switch between providers, access to the specific features of each provider.
- Standardized response format: the JSON output format is the same for all suppliers thanks to Eden AI's standardization work. The response elements are also standardized thanks to Eden AI's powerful matching algorithms.
- The best Artificial Intelligence APIs in the market are available: big cloud providers (Google, AWS, Microsoft, and more specialized engines).
- Data protection: Eden AI will not store or use any data. Possibility to filter to use only GDPR engines.
You can see Eden AI documentation here.
Next step in your project
The Eden AI team can help you with your Bank Check Parser integration project. This can be done by :
- Organizing a product demo and a discussion to better understand your needs. You can book a time slot on this link: Contact
- By testing the public version of Eden AI for free: however, not all providers are available on this version. Some are only available on the Enterprise version.
- By benefiting from the support and advice of a team of experts to find the optimal combination of providers according to the specifics of your needs.
- Having the possibility to integrate on a third-party platform: we can quickly develop connectors.
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