JPMorgan Chase taps AI to process checks

“After JPMorgan Chase’s payments division introduced a mail automation robot at one of its lockbox sites for processing paper checks last year, the bank found that the robot can manage some 4,000 different types of envelopes and documents, the bank said last week in a press release.

Created in collaboration with the Hayward, California-based AI robotics firm Ripcord the robots open envelopes, remove and unfold documents, remove staples and scan the correspondence, the bank said in the release.

JPMorgan, the largest U.S. bank, is also using large language models to automate lockbox processing. Staffers can now access an AI assistant to view real-time processing information and focus instead on the tasks that require human input, the bank added.” READ: ORIGINAL