Intellect, a cloud-native multi-product FinTech company, has announced the launch of Magic Aadhaar, an Al-powered comprehensive Aadhaar processing solution to identify, extract, validate and mask aadhaar details.
With digitization 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.”
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.
