IDP vendor Parashift and BSI partner to boost banking sector

The technology partnership combines the two platforms to improve the processing of complex documents and unstructured data in the banking sector through AI, reducing costs and turnaround times.

Parashift, a provider of advanced ML-based document classification and data extraction software focused on Intelligent Document Processing (IDP), announced December 14 that it has partnered with BSI, a CRM and CX software company. By integrating Parashift’s AI technology with BSI’s solutions, companies in the banking sector can optimize their document processing, lower costs and reduce turnaround times.

Companies in the banking sector process large volumes of documents on a daily basis. Mortgage files in particular contain hundreds of complex documents, often with unstructured data, making smooth processing almost impossible. The partnership and combination of Parashift’s AI technology with BSI’s solutions changes this. Parashift uses its Document Swarm Learning technology to train AI models at the field level and across multiple use cases, enabling clients to automate the mortgage process and significantly reduce time-to-value.

Alain Veuve, Founder & CEO of Parashift, commented on the partnership: “BSI has an amazing footprint in the banking and insurance sector. We’re delighted to work with BSI in the future and improve efficiency through the combination of the two platforms.”

Kai Jesse, Community Manager Retail at BSI, said: “Thanks to the technology partnership with Parashift, our customers can significantly optimize document processing and reduce process throughput times. Parashift combined with BSI is the perfect match for Intelligent Document Processing in customer management.”

Parashift, headquartered in Sissach, Switzerland, offers a cloud-native Intelligent Document Processing (IDP) platform. With its proprietary Document Swarm Learning technology, the deep-tech company takes an innovative approach as AI models are trained at the field level and across all use cases.

The full press release can be found here.

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