Skip to main content

BSI integrating AI from Parashift in banking software

| News

BSI integrating AI from Parashift in banking software


Parashift, the specialist in the area of smart document processing on the basis of Artificial Intelligence (AI), has entered into a strategic partnership with BSI. The software firm will integrate the data extraction technology developed by Parashift in its solutions for the banking and insurance sector.

Alain Veuve, founder and CEO of Parashift (image: Parashift)

The two Swiss companies Parashift and Business Systems Integration (BSI) will cooperate on a technological level in the future. BSI, a leading company for CRM and CX software based in Baden in the canton of Aargau, is integrating the machine learning-based software for the banking sector from Parashift, which is headquartered in Sissach in the canton of Basel-Landschaft. This software is intended to save banks and insurance companies a considerable amount of time in the automatic classification of documents and the extraction of data.

“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”, comments Alain Veuve, founder and CEO of Parashift, in a press release issued by his company.

Parashift named as a Technology Leader

Parashift points out that in the banking sector, many different document types with a wide variety of layouts have to be processed, especially for mortgage files. Moreover, they are presented in structured, semi-structured or completely unstructured form, which is a manual and tedious process for employees work through, as the traditional data extraction solutions used are not suitable for this degree of complexity. With the now automated mortgage process, all data can be separated, classified and extracted, a process which now takes just a few hours instead of several weeks.

The Parashift platform was officially launched on the market 20 months ago. As the company has now announced, it has been named by the globally active North American management consulting firm Quadrant Solutions as a Technology Leader in its recently published SPARK Matrix 2022.

Share this article

Sign up to receive our newsletter in your inbox.

You may also be interested in

Nouscom secures 67.5 million euros in financing

Biotech company Nouscom has raised 67.5 million euros in a series C financing round. The Basel-based firm intends to use...
Read More

Celebrating six months of innovation: i4Challenge accelerator New Ideas 2022/2023

On the 5th of July 2023, the 3rd iteration of the i4Challenge accelerator program New Ideas came to its conclusion....
Read More

How open innovation in healthtech hubs is fueling the rise of digital healthcare

How the ever-increasing uptake of digital solutions is enhancing patient engagement, increasing access to care and lowering the cost of...
Read More

Paradigm shift in pain management

Pain is a crucial sensation for survival, but it can also drive us to depression and long-term suffering if not...
Read More

BOOM Summit in Basel accelerates health technology

The BOOM Summit at Messe Basel in April 2024 will be a completely new kind of healthcare conference. The first...
Read More

Investors stump up 3.7 million Swiss francs in Onena Medicines

Onena Medicines has secured an investment of 3.7 million Swiss francs. The portfolio company of the biotech startup incubator BaseLaunch...
Read More

Do you have a question? We'd like to hear from you.