ABBYY has launched cloud-based AI technology to augment financial business decision-making processes to directly ensure GDPR compliance.
The company, which provides content intelligence services, has launched ABBYY Text Analytics for Contracts, a managed service that automatically discovers insights from contracts and leases to speed up risk mitigation, obligation analysis and content migration.
With Text Analytics for Contracts, businesses can leverage the ABBYY technology portfolio to accelerate time-to-value and successfully implement their contract life-cycle management, robotic process automation and digital transformation strategies.
With GDPR just one month away, the technology claims to reduce the time-to-content, speed up decision-making, improves compliance (of ASC606 as well as GDPR) and streamlines analysis of a wide range of financial documents – all of which will save time and costs for businesses across the finance sector.
“Text Analytics for Contracts empowers businesses to reduce time-to-content, automate time-to-decision and accelerate their time-to-compliance. It simplifies the use of semantic and AI technologies to automatically identify intelligence within contracts and streamlines analysis to dramatically reduce turnaround time,” comments Bruce Orcutt, Vice-President, Head of Product Marketing at ABBYY.
The service is available to large and medium-sized enterprises, large-scale system integrators and independent software vendors who need to automatically leverage the intelligence embedded within sectioned documents including contracts, leases, regulatory filings and more.
Micro-service based workflows provide users with a highly flexible environment to perform section, obligation and compliance analysis, drawing on products and technologies from ABBYY’s portfolio of AI, NLP, recognition, and information capture technologies, as well as third-party products and services.
ABBYY’s NLP technology, which combines syntax, semantics, pragmatics and machine learning to identify sections, targets specified entities and understand complex structures. It provides the high level of accuracy and customisation needed by attorneys dealing with complex contracts during negotiations or mergers and acquisitions, and compliance and security professionals when dealing with risk.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
