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Orlando, Fla. (October 24, 2002)—A UCF Technology Incubator firm has released a new low cost, high technology system that could make bank microfilm systems obsolete. Banks and other financing institutions use microfilm processing systems to record and file literally millions of transactions every day. The new technology developed by UCF Incubator participant Advanced Paradigm Group, Inc., was designed to replace banking microfilm systems for faster, more accurate and more efficient processing.
Robert Robey, president of Advanced Paradigm Group, said the new OpsSoft Item recall Imaging System - OpsSoft/IRIS - is capable of "reading" both sides of a document - a canceled check for example - and storing unlimited amounts of data. One processing unit can handle up to 10,000 documents per hour. Robey said and the software will support an unlimited number of units.
Moreover, Robey said, OpsSoft / IRIS makes data retrieval so simple it can be done in seconds, anywhere in the bank network and by any authorized operator. With this system, any authorized operator can retrieve an accurate picture of a canceled check out of millions of canceled checks a bank may process, and they can do it in seconds instead of hours or days." he said.
Advanced Paradigm Group is one of more than 30 companies that participates in the UCF Technology Incubator, which has helped create more than 400 jobs in laser development, photonics, simulation products, advanced materials, electronics and energy related technologies.
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