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.