Switzerland 09/13/2022 –
Parashift, a provider of advanced machine learning-based document classification and data extraction software, has announced a technology partnership with IMTF, a leading global provider of RegTech solutions for financial firms. The combination of IMTF and Parashift enables customers to accelerate document and compliance processes and be agile in responding to new regulatory requirements.
Automation is helping financial firms worldwide become faster and more agile to meet increasing operational pressures and rapidly changing environments. Optimization potential exists particularly in document-based processes, characterized by inefficiencies due to media disruption and manual work.
PWC calculates that companies can save up to 2,000 hours for every 100,000 pages by implementing AI-based document capture software.
“The partnership between IMTF and Parashift reflects the need of banks and financial institutions for business processes to be fast, smooth, and automated,” said Alain Veuve, CEO of Parashift. “As the demand for document and compliance process automation increases, partnerships like the one with IMTF help serve this demand and guide business leaders worldwide in their digital transformation.”
The integration of Parashift’s technology with IMTF solutions will enable companies to easily map out processes such as mortgage applications, KYC reviews, or general inbox processing with minimal effort. At the core of the Parashift solution is Document Swarm Learning, which is unique in the industry. AI models are trained at the field level and across use cases, significantly reducing time-to-value. Natively integrating with IMTF applications, it allows structured document data to be integrated into any process, minimizing manual interactions.
“With this integration, IMTF and Parashift are working together to simplify data management across organizations and drive operational improvements. This enables our customers to automate internal processes significantly and ultimately serve clients better” said Gion-Andri Büsser, CEO of IMTF.
Founded in 1987, IMTF is a global leader in regulatory compliance and process automation for banks and financial institutions. IMTF develops best-of-breed RegTech solutions for fraud detection, money laundering pattern recognition as well as enterprise digitization tools that help over 250 financial institutions to stay compliant and digitize their processes and operations to improve customer experience and bottom-line.
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Parashift AG, founded in 2018, is a deep-tech company focused on autonomizing document extraction through machine learning. Parashift is domiciled near Basel, in Switzerland, and employs about 30 people in machine learning, engineering, and development. Forbes named Parashift as one of 30 promising AI startups in Europe.
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