The Housing Bank for Trade & Finance Starts Running ProgressSoft's Automated Signature Verification Solution
The Housing Bank for Trade & Finance (HBTF) started running live today, ProgressSoft's Automated Signature Verification Solution (PS-ASV), eliminating the manual process of verifying signatures and detecting their authenticity and offering a significant increase in fraud detection percentages.
With PS-ASV, HBTF will penetrate the space of the automatic signature verification that will definitely reduce fraudulent risks through the advanced automatic signature verification technologies and algorithms.
PS-ASV will contribute in improving HBTF business processes and achieving their strategic objectives that are summed up into reducing fraudulent risks through automatically verifying signatures based on a wide range of proven techniques and algorithms, eliminating human error and intervention in addition to speeding up the process of financial transactions approval.
Moreover, PS-ASV will serve the bank by integrating with ProrgessSoft's Electronic Check Clearing solution (PS-ECC) solution where checks are usually scanned to be processed, and therefore, eliminating the tedious visual verification and manual data entry process replacing it with an automatic verification process will speed up the workflow and integrate smoothly with PS-ECC, eliminating the need for human intervention.
PS-ASV will accelerate the verification process and increase the efficiency and accuracy by allowing tellers to concentrate more on serving the customer and accomplishing their core tasks.
PS-ASV will also reduce the cost of signature verification, and increase scalability and reliability. Moreover, PS-ASV will enable robust audit proofing by tracking all actions and transactions occurred within the system.
The implementation of ProgressSoft's Signature Verification & Management System (PS-SIG) latest version, which manages and controls signatures and information related to HBTF's clients and employees, and PS-ASV at HBTF paves the way for introducing automatic signature verification at the tellers' counters upon customers' cash withdrawal for example. PS-ASV will allow the customers to sign using a digital pen and the results of the matched signatures will be displayed to the teller in an automated manner.
It is worth mentioning, that PS-ASV passed an Accuracy Test by the National Software Quality Assurance Centre (NSQAC) in Jordan, where it reached a success rate of 96.95% in signature comparison and was accordingly certified.