Version 8.0 delivers touchless results for document classification with new AI and machine learning enhancements and data extraction output options
Paradatec has released Version 8.0 of its enterprise software, which delivers touchless document classification and expanded data extraction audit trails for enhanced process automation. With Paradatec Version 8.0, current clients have already seen document recognition results that significantly surpass the accuracy of manual processes.
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.
“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.”
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.
