Intelligent OCR Routing System for Cheque Processing

(1) Partner Activities: Nasdaq Verafin is an industry leader in developing advanced anti-financial crime solutions, helping financial institutions worldwide detect and prevent fraud and money laundering through its sophisticated data analysis platform.
(2) Challenges: The primary challenges this project addresses are the significant operational cost associated with processing millions of cheque images for fraud analysis. Relying exclusively on premium, paid OCR services is expensive and not scalable. The previous project successfully created a system to mitigate this, and the challenge now is to evolve that system into a more intelligent and granular solution to maximize efficiency.
(3) Anticipated Benefits: The economic benefits for Nasdaq Verafin are direct and substantial. The initial research established a baseline demonstrating significant cost reductions in OCR processing by intelligently routing a large portion of images to open-source engines. This continuation project will deliver even greater savings by developing a more granular, field-specific routing system and a dynamic, machine learning-powered feedback loop for continuous optimization. This innovation will not only lead to further direct cost savings but also improve the scalability and efficiency of Nasdaq Verafin’s platform, strengthening its competitive advantage by making core services more technologically advanced and cost-effective.

Faculty Supervisor:

Terrence Tricco

Student:

Partner:

NASDAQ Canada Inc

Discipline:

Computer science

Sector:

Finance and Insurance; Information and cultural industries

University:

Memorial University of Newfoundland

Program: