Paradatec Enhances Automated Document Processing Technology, Adds Expanded Data Audit Trails
Version 8.0 delivers touchless results for document classification with new AI and machine learning enhancements and data extraction output options
April 7, 2022 – Cincinnati, OH – Paradatec, Inc., an industry-leading provider of AI-based document classification and data extraction technology for mortgage and real estate documents, has released Version 8.0 of its enterprise software, which delivers touchless document classification and expanded data extraction audit trails for enhanced process automation.
“Today’s Paradatec AI-Cloud release represents a multi-year effort to achieve completely automated document classification technology,” said Neil Fraser, Paradatec’s director of U.S. operations. “Our new AI models work seamlessly together to deliver remarkable results lenders and servicers can trust, supporting high volumes without sacrificing the speed they need to respond quickly to customers and business partners.”
With Paradatec Version 8.0, current clients have already seen document recognition results that significantly surpass the accuracy of manual processes. “Because of changing market conditions, our clients asked us to deliver lights-out results so their staff could focus on customer service and risk management priorities,” Fraser said. “Using our solution, they’ve been able to accelerate their processes and improve overall quality while saving time and freeing up their staff to focus on other business initiatives.”
Version 8.0 includes multiple enhancements such as weighted averaging of different document characteristics within Paradatec’s recognition engine. The engine classifies documents based on machine learning-enabled rules trained on an extensive library of document types used across the real estate and loan lifecycle.
The new release also provides enriched audit trails for the data extracted from the documents, expanding the information Paradatec embeds within each document and within the document package. These updates provide Paradatec clients with more detail about the source of each data field, which can be used to support additional automation in their systems. API options enable rapid integration with a client’s existing systems, enabling clients to streamline their workflows using the company’s AI-Cloud offering, the client’s cloud or an on-premise deployment.
“We’ve made it even easier for our clients’ systems to receive and use data from their documents, including the meta-data needed for advanced automation,” Fraser said. “And with our monitoring and reporting tools to quantitatively measure accuracy and other success metrics, clients can truly see the impact and ROI from using Paradatec.”
About Paradatec, Inc.
Paradatec is a leading provider of efficient, accurate and flexible AI-based document classification and data extraction technology for the lending and real estate industry. The company’s out-of-the-box solution recognizes over 850 specific document types and uses machine-learning tools and pre-trained libraries to find and transform over 8,500 data points in mortgage and real estate documents into actionable data. Paradatec’s clients include three of the 10 largest U.S. banks and four of the 10 largest servicers. For more information, visit www.paradatec.com.