ProgressSoft, the leading provider of real-time payments and imaging solutions started running live its Automatic Signature Verification Solution, PS-ASV, in the Central Bank of Jordan (CBJ). While providing a sophisticated, automatic means of verifying signatures, this solution backbones ProgressSoft's Electronic Image-based Check Clearing Solution (PS-ECC), which has successfully electronified the check clearing process across the country since 2007.
The implementation of this project has been divided into two phases with the first involving the installation of ProgressSoft's Signature Verification & Management Solution (PS-SIG) and the second phase concluding the deployment of the automatic solution, PS-ASV, which was completed within 30 working days and handed off on the 15th of November, 2009. Mr Sameer Alquza, Project Manager, Central Bank of Jordan, reflected CBJ's recognition of ProgressSoft's substantial efforts in concluding this project and noted that those efforts have been deployed in multiple projects as well; "we consider ProgressSoft an important strategic partner for us," he affirmed.
By operating the two smoothly integrated signature verification solutions, bank employees can automatically verify signatures retrieved from the electronic check clearing system, PS-ECC, against reference signatures that are maintained in the PS-SIG database. "The major benefit from deploying this solution at CBJ is to replace the current manual signature verification process with the new automatic one, which yields a faster and more reliable process and of course minimizes the cost of verifying the signatures," explained Mr. Ali Fada, CTO, ProgressSoft Corporation. PS-ASV exploits an array of advanced technologies such as artificial intelligence engines, analytical and geometrical analysis, and pattern recognition, and is hence reliable enough to detect any forged signatures.
"The advanced version of PS-ASV offers the Central Bank of Jordan a new approach to solving issues that were faced in the older versions," said Alquza, "not to mention the speed of the implementation that met our requirements as well as providing detailed reports for the concerned supervision parties". He also affirmed that "PS-ASV has decreased the margin of error in signature verification and has increased the speed of the process by automating the signature verification for checks extracted from the Electronic Check Clearing System."
Jordan set out preparations to establish the Central Bank of Jordan (CBJ) in the late 1950s. The Law of the CBJ was enacted in 1959. Thereafter, its operational procedures were commenced on the first day of October 1964. The CBJ succeeded the Jordan Currency Board which had been established in 1950. The capital of the CBJ, which is totally owned by the government, was increased gradually, from one million to 18 million Jordanian Dinars. The CBJ enjoys the status of an independent and autonomous corporate body, although its capital is owned entirely by the government.
Established in 1989, ProgressSoft has been focusing its proficiency in Real-time Payments and Imaging technologies to deliver a set of innovative solutions tailored for the needs of the banking and financial sectors. Serving a diversified client base of 140+ banks in 22 countries around the globe, ProgressSoft provides solutions in the fields of Real-time ACH payments, Electronic Image-based Check Clearing, Intelligent Signature Recognition and Real-time Settlement for Securities Trading.