Chennai, 3” March, 2021: Intellect Design Arena Ltd, a cloud-native, future-ready multi-product FinTech company for the world’s leading financial and insurance clients, announced the launch of Magic Aadhaar, an Al-powered comprehensive Aadhaar processing solution to identify, extract, validate and mask aadhaar details. hyper digitises the end-to-end processes, using Aadhaar-based processing.
Security and confidentiality of customer Pll specific information is always of concern to any individual who is interacting with external entities like, Financial Institutions, Telecom Companies, Healthcare and Government Entities. With digitisation process across these companies picking up, regulatory bodies (RBI, IRDA etc) and Hon’ble Supreme Court has issued a directive on usage and storage of copies of Aadhaar Cards while processing any on-boarding or servicing process flow. To ensure that the companies are in compliant with the guidelines/directives issued, Intellect has come up with a comprehensive solution built in for end to end compliance.
Commenting on the product, Banesh Prabhu, CEO, Intellect SEEC said, “Magic Aadhaar, powered by IDX platform, is a cognitive information extraction, validation and enrichment platform, which extracts contextually relevant information from bundles of unstructured, semi-structured and structured sources using Al technologies. The solution includes pipelines of computer vision, NLP, machine/deep learning and OCR. It can process over 500 document types in 87% less time and a 98% accuracy rate. The solution also identifies the Aadhaar Pattern across the document in a Contextual way.”
He further added, “The solution further masks the first 8 digits of the Aadhaar Number, leaving the last 4 digits open and it is capable to run as a Real Time API or in bulk processing mode on the stored documents.”
Key Highlights of the solution:
Magic Aadhaar assess the quality of input documents, and classify it through contextual identification of Aadhaar number from various document type not limited to Aadhaar card. It further extracts relevant information from Aadhaar in a JSON or CSV format; validate the Aadhaar details with external UIDAI Authentication API and/or within the document set for integrity checks. Finally it does full or partial masking of the Aadhaar number, as needed for compliance and seamlessly integrate structured output to target systems.
Novarica, a leading analyst firm recently featured IDX platform (through which Magic Aadhaar solution is developed) among prominent providers of Intelligent Text Ingestion (ITI) for Advanced Underwriting, in its latest report, Intelligent Text Ingestion: Overview and Prominent Providers.
For demo and more information on Magic Aadhaar, please visit https://www.magicaadhaar.com//
About Intellect Design Arena Limited
Intellect Design Arena Ltd. has the world’s largest cloud-native, AP| led microservices-based multi-product FinTech platform for the Global leaders in Banking, Insurance and Capital Markets. It offers a full spectrum of banking and insurance technology products through its four lines of businesses – Global Consumer Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets, and Insurance. With over 25 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for their digital transformation initiatives.
Intellect pioneered Design Thinking to create cutting-edge products and solutions for banking and insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design center for financial technology, reflects Intellect’s commitment to continuous and impactful innovation, addressing the growing need for digital transformation. Intellect serves over 240 customers through offices in 91 countries and with a diverse workforce of solution architects, domain and technology experts in major global financial hubs around the world. For further information on the organisation and its solutions, please visit www.intellectdesign.com.
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