Fintech

Fintech company Intellect launches AI-powered Aadhaar processing solution – Latest News | Gadgets Now

Financial technology company Intellect Design Arena on Monday announced the launch of Magic Aadhaar, an Artificial Intelligence powered Aadhaar processing solution to companies. The AI processing solution used to identify, extract, validate and mask Aadhaar details, hyper digitises the end- to-end processes, using Aadhaar-based processing, city-based Intellect Design Arena said in a statement said here.

With security and confidentiality of a customer always a concern while digital interaction with financial institutions, telecom companies, healthcare, regulatory bodies like RBI, the Insurance Regulatory Development Authority has issued a directive on the usage and storage of copies of Aadhaar cards.

To ensure the companies are in compliance with the guidelines, Intellect has come up with such a comprehensive solution, it said.

“Magic Aadhaar, powered by IDX platform, is a cognitive information extraction, validation platform, which extracts relevant information from unstructured and structured sources using AI technologies”, Intellect SEEC, CEO, Banesh Prabhu said.

The solution can process over 500 document types in 87 per cent less time and a 98 per cent accuracy rate.

“The solution also identifies the Aadhaar pattern across the document in a contextual way”, he said.

Magic Aadhaar assesses the quality of input documents, classifies it through contextual identification of Aadhaar numbers from various document types not limited to an Aadhaar card.

It further extracts relevant information from Aadhar, validates the details with external UIDAI authentication.

The processing solution finally masks the Aadhaar number, as needed by the regulatory compliance and seamlessly integrates structured output to target systems, the company said.

Source: https://www.gadgetsnow.com/tech-news/fintech-company-intellect-launches-ai-powered-aadhaar-processing-solution/articleshow/81396050.cms

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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