RegTech IMTF has partnered with Parashift, a provider of advanced machine learning-based document classification and data extraction software, to accelerate document processes with AI.
According to IMTF, the combination of the two companies will enable customers to accelerate document and compliance processes and stay agile in responding to new regulatory requirements.
Founded in 198, IMTF has positioned itself as a global leader in regulatory compliance and process automation for banks and financial institutions.
The company develops RegTech solutions for fraud detection, money laundering pattern recognition as well as enterprise digitisation tools.
Parashift, founded in 2018, is a deep-tech company focused on autonomizing document extraction through machine learning.
According to IMTF, automation is helping financial firms worldwide to become faster and more agile to meet operational pressures and rapidly changing environments. Optimisation potential exists particularly in document-based processes, characterised by inefficiencies due to media disruption and manual work.
The company pointed to figures from PWC which calculated that companies can save up to 2,000 hours for every 100,000 pages by implementing AI-based document capture software.
The integration of Parashift’s technology with IMTF solutions will enable companies to easily map out processes such as mortgage applications, KYC, or general inbox processing with minimal effort.
At the core of the Parashift solution is Document Swarm Learning, which is unique in the industry
Mattia Rüfenacht, head of business development at Parashift, said, “The partnership between IMTF and Parashift reflects the need of banks and financial institutions for business processes to be fast, smooth, and automated.
“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.”
Earlier this year, IMTF’s CEO Gion-Andri Büsser, spoke about how the war in Ukraine is influencing the view on sanctions.
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