Cleareye.ai, a leading fintech platform that transforms banks into hyper-agile organizations, today announced its collaboration with Microsoft. Cleareye.ai’s business-ready platform will use Microsoft technology to power its products, starting with the PPP loan forgiveness processing engine, which will be powered by Microsoft Azure.
This offering is an artificial intelligence (AI) -based document automation and rule reconciliation solution from Microsoft Azure. It is designed for lenders who process pardon applications under the Small Business Administration’s Paycheck Protection Program (PPP), which provides direct incentives to small businesses to keep workers on the payroll for the COVID-19 pandemic.
In the first round of this program, more than $ 525 billion was disbursed. But banks, faced with processing applications in 60 days, faced bottlenecks due to the number of loans and the complexity of checking documents.
The Cleareye.ai engine is designed to reduce risks and costs associated with processing, increase production, and improve accuracy. The system uses natural language processing (NLP), advanced machine understanding, computer vision, machine learning, and configurable rules to process rebate requests at scale and in a fraction of the time, all at the same time. ” integrating into existing loan processing systems.
Cleareye.ai’s engine also uses computer vision, which is part of Azure Cognitive Services, Azure Kubernetes Service, and other scalable IT and analytics services from Microsoft to deliver on its promise to its customers.
“Microsoft’s cloud-based computing interface dramatically streamlines our process of understanding documents to extract printed and handwritten text. Cognitive service containers are a game changer for us, they give us the ability to bring our data closer to where it is processed for compliance, security or other operational reasons, ”said Chandrasekhar Somasekhar, architect in chief at Cleareye.ai.
Mariya George, Co-Founder and President of Cleareye.ai, added: “The quality of the text extraction has dramatically improved the accuracy of our downstream language prediction models, which in turn has streamlined business processes, such as as loan processing and scrutiny of trade finance documents. This collaboration with Microsoft will bring considerable added value to our customers and prospects.
While providing both on-premises and private cloud deployments, Cleareye.ai uses Azure services to secure its customer data, simplify the PPP process, and differentiate the customer experience. Azure Cognitive Services and its Computer Vision OCR enhance the solution’s ability to manage risk and regulatory compliance, and optimize financial crime prevention. With Microsoft as a technology collaborator, Cleareye.ai will begin to roll out its product line.
“We are excited about this new collaboration with Cleareye.ai, which enables Microsoft Azure to serve as the backbone of Cleareye.ai’s AI-based processing engine,” said David Koscheski, director, US Financial Services, Microsoft . “We believe that the combination of technologies will have a significant impact for lenders while meeting growing demand. ”