Cashbot is teaming up with Smart Engines to simplify data entry for prospective customers. The Czech fintech will specifically be taking advantage of the Smart ID Engine, which can read the information on an identity document and then use that information to autofill a registration form.
In practice, that means that customers who want to open a Cashbot account can scan or take a photo of their Czech ID card with a mobile device, and Smart Engines’ tech will automatically place the right information in the right field on the application. The system will speed up Cashbot’s registration process because customers will no longer need to type in the information manually. Humans are also prone to making typos, so the use of an automated solution will minimize the number of errors that occur during data entry.
As it stands, Czech citizens need to submit a Czech ID card to gain access to financial services. Clients can scan and take photos of documents with a computer instead of a smartphone, while the Smart Engines system itself can read passports in addition to Czech IDs. The data and photos processed with the Smart ID Engine are not stored or sent to any third parties, and are instead entirely contained within the registration workflow. As a result, the solution is fully compliant with international data privacy regulations like GDPR and CCPA.
“The technology can significantly speed up the process of remote services in both B2C and B2B sectors,” said Marek Hejdusek, the Director of Cashbot parent company Red Stone Now s.r.o. “Scanning of documents on modern processors takes less than a second. Customers no longer need to manually fill in the card ID data; they need to provide a photo of it.”
Smart Engines’ Optical Character Recognition solution can now extract payment information from credit cards thanks to a recent update. The company’s document recognition platform also offers support for the European Union’s new biometric IDs. Smart Engines has previously provided document recognition services for a Kazakhstan travel agency and a regtech specialist in South Korea.