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:
WorkFusion selected by Bank of Asia to automate negative news detection IDP provider WorkFusion announced that it has been selected by Bank of Asia to automate negative news detection as part of their Know Your Customer (KYC) onboarding process and to achieve both growth objectives and customer satisfaction goals. Adam Famularo, CEO of WorkFusion, explained: “Adverse media monitoring is one of the most effective tools banks and financial institutions have to protect against money laundering. However, there are many news articles, most of which are irrelevant false positives, which consume a lot of time. By automating this laborious task, Bank of Asia will reduce its new client onboarding time and ensure a more positive customer experience.”
KnowledgeLake launches StreamLine Solutions IDP vendor KnowledgeLake has announced the launch of StreamLine Solutions, its new suite of solutions powered by intuitive AI that is able to automatically summarize, interpret and extract information from any document within seconds. StreamLine Solutions also features KnowledgeLake’s workflow engine, a customer experience portal that loops customers into an organization’s business process, and instant pro-forms that provide an easy way to capture data from customers and other external users. Ron Cameron, co-founder and CEO of KnowledgeLake, explained: “Infusing Intuitive AI into the KnowledgeLake platform sets a new standard for the industry. Enterprises can now leverage out-of-the-box document intelligence with next generation tools to help solve crucial content management pain points and document processing challenges faster and easier than ever.”
Alkymi with over 70 Ready-Made Patterns IDP vendor Alkymi has announced a product update around Ready-Made Patterns that help customers automate their business workflows faster with validated data. With more than 70 Ready-Made Patterns, companies can now automate the most common data workflows in wealth and asset management, private equity, investment performance, regulatory compliance, customer onboarding and KYC, and more.
Automation Hero introduces document forgery detection capabilities IDP vendor Automation Hero has introduced new document forgery detection capabilities for its Intelligent Document Processing platform. To detect document forgery, the IDP vendor leverages a variety of AI techniques and then uses three different intelligent document forensic methods to minimize the risk of fraud. In doing so, Automation Hero is helping companies to mitigate fraud risks, particularly in the insurance and retail industry.
ancora Software reports record growth in the first half of 2023 IDP provider ancora Software has experienced record-breaking growth in the first half of 2023, adding 120 new customers. The company attributes the growth to its strong commitment to delivering best-in-class solutions that address the most pressing needs of accounts payable teams. Noel Flynn, CEO of ancora Software, said: “We are incredibly proud of the tremendous growth we’ve achieved in the first half of 2023. Our success reflects the increasing demand for intelligent solutions that can revolutionize accounts payable processes and empower businesses to thrive in a digital age. We will continue to push the boundaries of technology and provide our clients with the tools they need to succeed.”
Eigen Technologies releases latest version of its platform IDP vendor Eigen Technologies has released the latest version of its intelligent automation platform. Eigen 5.11 includes Generative Insights (to get auto-generated document summaries, understand associated data and gather more insights), enhancements to the Logic function and a number of platform user interface improvements, as well as improvements to Tables Export Review Hub functionality.
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