CAR

RemitTrac: CAR/LAR/MCAR Overview

Tight labor markets and increasingly demanding processing requirements are forcing payment processors to find new ways of doing more with less. ImageScan Inc. has a solution: its optional Courtesy Amount Recognition (CAR), Legal Amount Recognition (LAR) and Machine Courtesy Amount Recognition components for remittance and lockbox processing. By eliminating tedious keystrokes, ImageScan’s CAR/LAR and MCAR/LAR modules reduces labor costs and expedites item processing, without sacrificing quality. The component uses recognition software from Mitek Systems, along with processing logic developed by ImageScan. The best part is that an investment in CAR/LAR/MCAR typically pays for itself in less than a year. And you can rest easy knowing that you are dealing with an industry leader: ImageScan was the first wholesale lockbox vendor to run CAR in a live processing environment. Listed below are some of the benefits of using CAR/LAR/MCAR:

Reduced data entry.

With CAR/LAR, you still key the amount on each check once, but CAR/LAR then attempts to read the amount. If CAR/LAR successfully recognizes the amount, and it matches the amount keyed by the operator, the amount does not have to be keyed a second time. ImageScan’s CAR/LAR module is achieving kill rates of 75-80 percent in wholesale sites. In retail lockbox applications, RemitTrac compares CAR/LAR results from checks with amounts defined for the stub document or common amounts defined for the customer. ImageScan's CAR/LAR module is achieving kill rates of 85-90 percent in Retail lockbox environments.

MCAR/LAR (Machine CAR/LAR) is an additional interpretation engine feature that concentrates on machine printed checks. This is especially effective for business checks.

Quality assurance.

The system automatically compares each CAR/LAR result with the amount keyed by an operator, and will encode the CAR/LAR amount only if there is a match. Users also can customize confidence levels required for successful reads for business and personal checks, and specific lockboxes.

Better throughput.

With true 32-bit multi-tasking software, the CAR/LAR module reads thousands of items an hour per sorter. Users can turn the CAR/LAR module off for accounts with a lot of money orders or checks of poor image quality.

Updated performance reporting.

ImageScan’s CAR/LAR module features an on-screen display of real-time read rates, and controls that allow users to review individual check results. Operators can increase read rates by defining separate courtesy amount search parameters for business and personal checks.

Payment Processing Without Limits