CheckAlt and Composable Analytics Launch Scrypt, AI Data Capture for Document Processing and Payments
CheckAlt partners with MIT big data company to strategically deliver cognitive automation solutions, including machine-learning document processing and payments.
Recognizing the broad impact of artificial intelligence and machine learning in document processing, CheckAlt has launched Scrypt in partnership with Composable Analytics, Inc., introducing cognitive automation to CheckAlt’s industry-leading payment processing solutions.
“Many organizations still struggle with manual business processes, multiple systems, and repetitive, recurring tasks,” said CheckAlt’s Co-Chairman and CEO Shai Stern. “Through our alliance with Composable, our Scrypt platform will further strengthen CheckAlt’s solutions in the payment data capture and integration space. Scrypt technology will be battle-tested and scaled for the benefit of all our clients.”
Composable, a machine-learning and analytics company affiliated with MIT’s Computer Science and Artificial Intelligence Laboratory, CSAIL, will work closely with CheckAlt’s Product and IT teams to facilitate Scrypt’s cognitive automation and deliver intelligent processing solutions for a variety of industry sectors, including property management, healthcare, utilities, municipalities, non-profit, higher education, and small business.
“We’re using advanced analytics techniques including data mining, text analytics, natural language processing and computer vision, to digitally sort, process and code documents,” said Andy Vidan, Ph.D., CEO of Composable Analytics, Inc. “We’re truly excited to partner with CheckAlt to deliver an end-to-end, intelligent, high-volume processing system through Scrypt.”
Companies can no longer grow simply by increasing their workforce; they must leverage technology that can position them to scale. “Process-driven ‘bots’ can replicate specific human actions, efficiently interacting between different systems and applications,” said Lars Fiedler, CTO of Composable Analytics, Inc. “We take this one step further, moving from process-driven to data-driven systems that gain knowledge over time and apply what is learned.”
CheckAlt’s Chief Product and Innovation Officer Bobby Rahmanian said, “At CheckAlt, we are always looking to stay at the forefront of technology when fulfilling our ongoing client commitment to break new ground together. Big data, artificial intelligence, and data-driven decision-making is the future and we are thrilled to partner with Composable on Scrypt to continue to bring innovative solutions to market.”
In the past 10 years, CheckAlt has become the universal payment processing hub for hundreds of financial institutions across the country. As both bank agnostic and demographic agnostic, CheckAlt is uniquely positioned for payments convergence. It has been our focus to process check payments while also eliminating paper from the system with robust electronic payment APIs. CheckAlt’s solutions include lockbox processing across a nationwide hub-and-spoke network of processing sites, consolidated item processing, integrated treasury solutions, and mobile capture services. CheckAlt is headquartered in Los Angeles, Calif. For more information, visit https://www.CheckAlt.com and https://www.checkalt.com/products/invoice-coding.
About Composable Analytics, Inc.
Composable Analytics, Inc. builds software that enables enterprises to rapidly adopt a modern data strategy and robustly manage unlimited amounts of data. The Composable DataOps Platform, with core technology developed at MIT and the U.S. Department of Defense, accelerates the development of data-driven applications and serves as a coherent data operations framework for data intelligence solutions that leverage disparate data sources, live feeds, and event data regardless of the amount, format or structure of the data. For more information, visit https://composable.ai.