IDP vendor ClearDox enhances its platform using NLP

By adding Natural Language Processing (NLP) to its intelligent automation platform and combining it with existing AI and ML capabilities, ClearDox enables commodities companies to automate the processing of long-form commodity contracts and confirmations to extract relevant information. In this way, companies can accelerate digitization across trading and operations.

ClearDox, an Intelligent Document Processing (IDP) vendor, announced February 28 that it has expanded the capabilities of its intelligent automation platform with a patent-pending approach using Natural Language Processing (NLP). With this approach, ClearDox solves the challenges posed by the wide variety of formats in trade documentation.

Existing approaches to automating confirmations have proven ineffective due to the wide variety of language used in conjunction with the many variations of contracts. ClearDox recognized that the complexity of these documents was too difficult to solve with a single model. Therefore, the company has developed a unique segmentation method that uses Natural Language Processing to divide these long confirmations into the requisite sections.

Marc Lefebvre, Chief Technology Officer of ClearDox, further explained: “Unique NLP models are generated and run for each section intelligently extracting the appropriate data for processing. This overall approach simplifies the training while substantially increasing the level of accuracy.”

Stamford, Connecticut-headquartered ClearDox offers an Intelligent Document Processing (IDP) solution created for commodities companies by commodities experts. ClearDox helps commodity-intensive businesses secure a competitive advantage by digitizing critical data-intensive processes.

The full press release can be found here.

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