Fintech Startup Intellect Design Launches AI-Powered Aadhaar Processing Solution
Intellect Design, a Chennai-based fintech startup, announced the launch of Magic Aadhaar, an artificial intelligence (AI)-powered Aadhaar processing solution for companies.
The startup said in a statement said the AI solution used to identify, extract, validate, and mask Aadhaar details hyper-digitises the end-to-end processes using Aadhaar-based processing.
Talking about Magic Aadhaar, Banesh Prabhu, CEO of Intellect SEEC, said,
“Magic Aadhaar, powered by IDX (intelligent data extraction) 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 AI technologies.”
Prabhu added that the solution could process more than 500 document types with 87% less time and a 98% accuracy rate. It also identifies the Aadhaar pattern across the document in a contextual way.
“The solution further masks the first eight digits of the Aadhaar number, leaving the last four digits open and is capable to run as a real-time API (application programming interface) or in bulk processing mode on the stored documents.”
Intellect claims to serve more than 240 financial institutions through offices in 91 countries.
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