Travelex saves with handwriting recognition technology

Foreign exchange specialist Travelex aims to save more than £400,000 by using handwriting recognition technology

Foreign exchange specialist Travelex aims to save more than £400,000 in the first year of using handwriting recognition technology.

The system, from financial software specialist BancTec, will process 1.5 million handwritten sales sheets in its first year.

The BancTec system uses intelligent character recognition to process around one-fifth of sales sheets that are handwritten by Travelex' overseas agents. In the past a team of 35 people was needed to sort and manually enter the details into the sales ledger.

"The new system has proven to be hugely efficient, freeing staff to work on more productive tasks," said Simon Richardson, commercial operations manager at Travelex.

"We have also dramatically reduced reject rates and improved the accuracy of our sales ledger."

The BancTec system has a data accuracy of 99.9%, according to Travelex. The software will reject sales sheets that are ambiguous, for "repair" by an administrator.

As part of the implementation, BancTec has provided Travelex with a digital archive of all sales sheets, reducing the cost of storing the originals. The system runs in the company's Peterborough headquarters with a full disaster recovery system running in Coventry.

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