Classify and extract data from voided checks with unparalleled accuracy
Ocrolus’ Human-in-the-Loop document automation solution captures and classifies data from voided checks to validate account information and borrower identity.
Why should lenders use Ocrolus for voided check data capture and form processing?
Voided checks have the word ‘void’ written or stamped across them to ensure that they can’t be used for payments. Still, borrowers often submit them as part of their loan applications to provide bank account details and verify identity.
Voided checks arrive with different layouts based on a borrower’s bank and manually extracting the key information can be tedious and time-consuming. Template-based OCR technology can struggle with the varied formats used by different banking providers and the capture of incorrect details can lead to delays or even a loan application being rejected.
Ocrolus’ automation solution lets you capture, review, and analyze the details on voided checks in multiple formats and varying quality in real-time, ensuring that you can quickly verify identity and account details.
Advantages of Ocrolus’ automated voided check processing
Retrieve data from voided checks regardless of format or image quality
- Cut turnaround time
- Reduce manual error and get precise data
- Process voided checks with over 99% accuracy
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed