In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, podcasts, reports and more.
What we cover in this week’s recap:
News:
Cognaize enhances capabilities of its IDP platform IDP vendor Cognaize has announced enhancements to its IDP platform for financial services firms. The new capabilities extend the accuracy of Cognaize’s Financial Insights Engine through its proprietary Knowledge Graph. The Cognaize Knowledge Graph builds an extensive and interconnected knowledge network from various documents, is verified by human experts, and then uses the newfound understanding to answer user queries. This takes the automation of new financial document ingestion to a new level, for example, after processing a bond indenture, the acquired knowledge is used to automatically extract additional information about the bond. Vahe Andonians, founder, CTO and CPO of Cognaize, explained: “Cognaize’s Knowledge Graph is a step forward in replicating human intellect by constructing an intricate model of the world and providing a path to true artificial intelligence. We will continue to match our rapid pace of technology innovation with our hybrid intelligence approach that puts our customer’s financial experts at the center throughout the document automation process to ensure optimal accuracy and efficiency for the world leading innovators in banking and insurance.”
Eigen Technologies partners with NTT DATA IDP vendor Eigen Technologies has announced a partnership with IT services company NTT DATA to launch a new Sanctions Compliance Service (SCS). This is a service designed specifically for the Specialty and Reinsurance market and to leverage technology and market expertise to support sanctions compliance. The SCS provides clients with the ability to extract all sanctionable items beyond the typical insured and reinsured items, with Eigen Technologies handling the document processing and data extraction components. Chris Mullan, Eigen’s SVP of Product, said: “We know from our clients that the SCS has long been needed in the insurance market. Sanctions has been desperately in need of a solution to this for years, a need thrown into stark relief over the previous 12 months as we’ve seen the sanctions landscape change on an hourly basis at times, and we believe this solution will reduce risk and cut cost.”
Instabase with general availability of its SaaS solution IDP vendor Instabase has announced the general availability of Instabase SaaS. This gives enterprise customers immediate access to the full capabilities of the Instabase IDP platform without having to manage the cost and complexity of IT infrastructure. In addition, enterprise customers benefit from an always up-to-date and GDPR, HIPAA and CCPA compliant platform, as well as access to the latest AI advancements from Instabase. Bastiaan de Goei, insurance industry leader at Instabase, commented: “This is such an important release. Our SaaS solution allows our customers to benefit from the cutting edge innovation Instabase is known for even faster.”
ABBYY expands partnership with MCCi to accelerate modernization in government agencies Intelligent process automation solutions provider ABBYY announced that it has expanded its strategic partnership with IT services company MCCi to modernize the public sector. Together, they helped the city of Coppell in Texas, among others, automate the accounts payable process, as Donny Barstow, CEO of MCCi, elaborates: “Our expanded partnership with ABBYY to serve the public sector is crucial because in many cases paper processes are necessary to provide services to constituents caught in the digital divide. Paper forms do not have to slow modernization efforts. Clients like Coppell, TX are accelerating their adoption of automation technologies because of all the aforementioned drivers and are having proven, repeated success in improving their citizens’ experience.”
Kanverse.ai introduces Lazurite Release with a new finance suite IDP vendor Kanverse.ai announced the global launch of its Lazurite release. Kanverse.ai is introducing a new finance suite (which applies its IDP capabilities to complex unstructured financial reports, annual reports and KYC documents), a new vendor self-service portal (which allows vendors to track submitted invoices), enhancements for insurance document processing workflows, as well as for accounts payable automation.
Hyperscience appoints new CEO IDP vendor Hyperscience announced the appointment of Andrew Joiner as its new Chief Executive Officer. He replaces Charlie Newark-French, who has held the role of interim CEO for the past twelve months. Andrew Joiner joins Hyperscience from CX software company InMoment, where he also served as CEO, and brings a wealth of experience and a proven track record in the software industry. At Hyperscience, he will lead the overall strategy to expand the company’s market presence and drive continuous innovation in the face of rapidly growing demand.
Panel discussion:
Insights on the current state of AI development from the CEOs of IDP vendors Parashift and qBotica Watch this 30-minute panel discussion hosted by consulting firm Quadrant Knowledge Solutions and featuring Apoorva Dawalbhakta, associate director research, and Amandeep Singh, senior analyst. Also, the founders and CEOs of IDP vendors qBotica, Mahesh Vinayagam, and Parashift, Alain Veuve, are sharing their views on the current state of AI development and research.
See you next week!
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