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. It hyper digitises the end-to-end processes, using Aadhaar-based processing.
Security and confidentiality of customer PII 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:
- Highly accurate, purpose built Al solution for automatic classification, extraction and masking of Aadhaar number from Aadhaar card and other document sources like application forms, service requests etc.
- Highly scalable and nimble to support the real time and legacy backlog volumes
- An API ready solution with easy integration to various applications or data vaults
- Regulatory complaint with integrated reporting on quality assessments for audit checks
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.
Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.468.5 as compared to the previous close of Rs. 460.15. The total number of shares traded during the day was 21876 in over 494 trades.
The stock hit an intraday high of Rs. 470.05 and intraday low of 460.6. The net turnover during the day was Rs. 10217787.