Small and medium-sized businesses in Malaysia are the focus of a new partnership between enterprise content capture and data discovery solution provider Ephesoft and Alliance Bank Malaysia Berhad. The pact, announced today, heralds the integration of Ephesoft’s intelligent capture automation technology, Transact, into Alliance Bank’s middle office operations.
Alliance Bank Group CEO Joel Kornreich praised the way Ephesoft’s technology helps it manage the high volume of high-value documents it deals with every day. “Ephesoft is able to meet our requirements and is versatile to scale with us as we continue to transform our business processes to deliver faster, simpler, and more responsive customer experience to our clients,” he said.
Kornreich added that the technology will also enable Alliance Bank to better defend itself and its customers against fraudulent activity. “We also use the information (from customer transactions) to perform financial casting to understand our customers better, and due diligence in assessing customers,” he explained.
Ephesoft Transact enables businesses to accurately and quickly convert unstructured data in documents into actionable information. The technology leverages human-supervised machine learning to examine documents ranging from mortgage applications to insurance claims and to extract required data from them.
Transact improves in efficiency over time, becoming more “intelligent” with every correction, new layout, or new document type. The solution is available as both an on-premise option, running on Windows, Ubuntu, CentOS, and Red Hat servers, as well as via the cloud courtesy of Ephesoft’s Cloud HyperExtender add-in.
“Ephesoft’s machine learning-powered software enables Alliance Bank employees to accelerate tedious processes and use their time to bring value to the organization in strategic ways that provide a competitive advantage,” company founder and CEO Ike Kavas said.
The company’s partnership news comes one month after it announced a collaboration with Thailand-based insurance company, Tokio Marine Asia. The month before, Ephesoft unveiled a pact with automation-driven, IT, BPO, and consulting service provider Hexaware. The company will combine Ephesoft’s intelligent data capture technology with Hexaware’s own robotic process automation-based solutions to enhance a wide variety of business processes.
“Many organizations suffer from having a tremendous amount of untouched, unstructured data that they either don’t use or must manually process,” Kavas said when the Hexaware partnership was announced. “We solve those challenges so that companies can be nimble, efficient, and accurate using modern tactics.”
Founded in 2010 and headquartered in Irvine, California, Ephesoft demonstrated its Capture-as-a-Service platform for smart document capture at FinovateSpring 2018. With customers in more than 50 countries, and partnerships with 250+ fintechs, integrators, solution partners, and resellers, the company has raised $15 million in funding from investors including Mercato Partners.