IDP vendor Parashift about to launch series of new features

The new features include fully EU-GDPR compliant Large Language Models, integration of 3rd party AI APIs, more automation capabilities and its Marketplace. According to the Intelligent Document Processing vendor, the features will be incrementally integrated into its platform over the next 6-12 months.

Parashift, an Intelligent Document Processing (IDP) vendor, announced on March 30 the upcoming launch of a number of new features for its platform. With these, Parashift aims to accelerate document automation and understanding and further advance AI in IDP.

As compliance and data privacy have become key components for many organizations, Parashift will launch fully EU-GDPR compliant Large Language Models that benefit customers through generative AI (summarization and interpretation of context) and conversational configuration (document type configurations via chat). In addition, for use cases where compliance plays a minor role, Parashift is opening its platform to 3rd party AI vendors and APIs such as OpenAI (integration of OpenAI’s GPT is now available to first clients).

New automation capabilities also include “if x then y” (setting up custom automation rules), scripting and calculation capabilities (making it easier for partners to implement Parashift for their clients), and 3rd party application support (further simplifying Human in the Loop for IDP in business applications). Last but not least, Parashift is about to launch the marketplace, which will provide a one-stop shop for all IDP needs.

Alain Veuve, founder and CEO at Parashift, commented: “I think it’s very important for a technology provider to be literally unstoppable when it comes to rapid innovation. Many of our customers also choose Parashift because they can be confident that we will keep them at the forefront of innovation in AI document processing. This includes constant evolution with our customers as well as a radical alignment of priorities when it comes to delivering new features.”

Parashift, headquartered in Sissach, Switzerland, offers a cloud-native Intelligent Document Processing (IDP) platform that leverages advanced machine learning-based document classification and data extraction. With its proprietary Document Swarm Learning technology, the deep-tech company pursues an innovative approach.

The full blog post with detailed explanations of the new features can be found here.

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