SinoPac granted patents for image recognition systemBy Kao Shih-ching / Staff reporterSinoPac Holdings Co (永豐金控) has gained patents for its artificial-intelligence (AI) image recognition technology, which could help its banking unit save at least 1,000 hours per year in examining credit documents, it said yesterday. The company in July applied for 10 patents for its AI image recognition system and the Intellectual Property Office approved them on Thursday last week. Bank SinoPac (永豐銀行) has connected the AI image recognition system to its core information system to identify credit documents provided by its debtors, the bank said in a statement. The time-consuming inspection used to be done manually, but the AI system is expected to help the bank save at least 1,000 hours a year, it added. “The system’s accuracy rate could be as high as 95 percent and it can identify checks in multiple formats adopted by 20 local banks,” Bank SinoPac said.

Source: Taipei Times October 28, 2021 03:59 UTC