Finovate Alumni News

On Finovate.com

  • Trulioo Accepts Another $53 Million in Funding.
  • Braintri Rebrands as Neontri En Route to U.S. Debut.

Around the web

  • SpyCloud launches new automated tools to support checking and maintaining password security in Microsoft Active Directory.
  • Marketing Technology Insights interviews Arkose Labs VP of Marketing Vanita Pandey.
  • P2Binvestor wins Best Small Business Solution at the 2019 Best of FinXTech Awards.
  • Hired names Akamai a top 10 employer in Boston.
  • INETCO launches INETCO Insight 7, a payment fraud detection platform.
  • Ephesoft and Infor partner to demonstrate new cloud-based document capture solution.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Content Capture Innovator Ephesoft Allies with Grant Thornton

Enterprise content capture and data discovery solution provider Ephesoft has partnered with Chicago, Illinois-based accounting consultancy Grant Thornton. The firm now offers Ephesoft Smart Capture to its customers to help them enhance back office operations, including invoicing, accounts payable, and contract management. The solution also will improve the ability of companies to manage more challenging processes such as tax calculations and revenue recognition.

“Ephesoft’s patented, supervised machine learning technology reduces the overall document processing time by an average of 65% and increases employee productivity by as much as 400%,” Ephesoft founder and CEO Ike Kavas explained. “Now we can work with Grant Thornton to help more clients in more locations gain control over their documents and unstructured data.”

Advisory practice leader for Grant Thornton’s central region Nick Vellani added that the technology would help businesses deal with the problem of not just managing but actually leveraging large amounts of unstructured data to produce valuable insights. He praised Ephesoft’s technology and its ability to help alleviate these “workflow and collaboration nightmares.”

“When we saw how easily the Ephesoft Smart Capture platform plugged into our tech environments – and the benefits it provided to our professionals – we knew it was something our clients could benefit from as well,” Vellani said.

It’s worth noting that Grant Thornton is no newcomer to Ephesoft’s technology. In addition to using the company’s technology in-house to enhance the tax services it provides to clients, Grant Thornton also has deployed Ephesoft’s technology for “several clients” to help them improve their tax functions, as well.

Founded in 1924, Grant Thornton is the U.S. member firm of Grant Thornton International, a global professional services network of independent accounting and consulting companies. With revenues of more than $1.8 billion and 58 offices across the U.S., Grant Thornton provides auditing, tax planning, and financial advisory services in a wide variety of verticals including financial services, private equity, and real estate, as well as transportation, manufacturing, and retail.

Named One of the Best Places to Work in Orange County, by the Orange Country Business Journal and the Orange Country Register, Ephesoft demonstrated its cloud-based, smart document capture and analytics platform at FinovateSpring 2018. The technology identifies documents and extracts the relevant data, transforming unstructured content into actionable information. The platform also leverages data mining and analytics to provide valuable business intelligence to help institutions make better decisions and manage risk more effectively.

Ephesoft began the year with the launch of its Cloud HyperExtender add-on, which enables users of the company’s Transact technology to boost processing speeds up to 2,500 pages per minute. More recently, company CEO Kavas was named a semifinalist for the Ernst & Young Entrepreneur of the Year 2019 Award in Orange County.

Headquartered in Irvine, California, Ephesoft was founded in 2010. The company has raised $15 million in funding courtesy of a Series A round in 2017 led by Mercato Partners.

Finovate Alumni News

On Finovate.com

  • Content Capture Innovator Ephesoft Allies with Grant Thornton.
  • Gusto Raises $200 Million with $3.8 Billion Valuation.

Around the web

  • TD Ameritrade offers voice-activated investing technology.
  • NIIT Technologies’ revenue grew 16+% YoY, and its after-tax profit increased 2% YoY.
  • Scalable Capital partners with Futurae to add multi-factor authentication technology into its investment platform.
  • LoanScorecard goes live with its Bank Statement Analyzer tool.
  • Betterment adds savings and checking accounts to its offerings.
  • U.K. neobank revverbank to deploy cloud banking technology from Finastra.
  • CardFlight partners with PAX Technology to make SwipeSimple terminal available to clients on the PAX A920 and PAX A80.
  • Australia’s Volt Bank teams up with FIS to power its mobile and card payment services.
  • Alterna Bank unveils its new advanced digital platform, Forge, powered by Backbase.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Ephesoft Helps Businesses Leverage the Cloud to Meet Demand

When the going gets tough, the tough take to the cloud.

Enterprise content capture and data solution provider Ephesoft unveiled its Ephesoft Cloud HyperExtender today. The new technology enables Ephesoft Transact users to optimize their on-premise solution by more than 10x, bringing processing speeds up to 2,500 pages per minute to satisfy instances of peak demand.

An add-on application, the Cloud Hyperextender combines high-performance cloud image processing with Transact’s supervised machine learning, shifting processing intensive Optical Character Recognition (OCR) operations to the cloud once documents are captured on-premise. After processing, the documents are returned to the on-premise system for classification, extraction, validation, and export.

Click the image above to see a YouTube video of the Cloud HyperExtender in action.

The solution is designed to help companies meet peak demand which “stress(es) the infrastructure for document intelligence,” the company noted in a statement. Retailers experiencing surges in invoices and credit card applications during shopping holidays and tax preparation companies managing heavy processing during tax season are among the examples of how the technology can be deployed.

“Ephesoft’s Cloud HyperExtender is bridging the gap for our customers who want to continue using their existing systems while reaping the benefits of ultra-fast processing in the cloud,” company founder and CEO Ike Kavas said. “This first-to-market offering provides the best of both worlds. As the world’s first hybrid capture microservice, this product maximizes efficiency and profitability for our customers and epitomizes our vision to lead the market to the cloud.”

Above: Scott Lee (Senior Product Manager) and Chris MacWilliams (Lead Solution Engineer) demonstrating the Ephesoft platform at FinovateSpring 2018.

Ephesoft demonstrated its smart document capture and analytics platform at FinovateSpring 2018. The firm has hundreds of customers in more than 50 countries who rely on the company’s technology – including its Ephesoft Insight document analytics and business intelligence solution – to become more productive and efficient, as well as boost ROI.

Earning a finalist spot in the 2019 Cloud Awards Program in the Best Cloud Automation Solution category last month, Ephesoft was named a 2018 Top Workplace by the Orange County Register. Over the summer, Ephesoft was recognized as a Hot Vendor in Document and Contract Analytics, 2018, and launched its Swagger/OpenAPI-web services for Ephesoft Transact. This simplified API makes it easy to integrate Ephesoft’s document capture solutions into openAPI-compliance platforms such as Microsoft Flow.

Ephesoft has raised $15 million in funding, courtesy of a Series A round led by Mercato Partners. Founded in 2010, the company is headquartered in Irvine, California with offices in the U.K., Germany, France, Australia, Singapore, and Italy.

Finovate Alumni News

On Finovate.com

  • Ephesoft Helps Businesses Leverage the Cloud to Meet Demand.
  • Now a Temenos Company, Avoka Unveils Workspaces for Retail Banking.

Around the web

  • Onfido forges partnership with PensionBee.
  • Portugal’s Banco CTT to leverage technology from Fiserv to fight money laundering.
  • Lendio announces providing more than 5,000 Kiva loans to support women-owned businesses.
  • NCR unveils its EMV-integrated Equinox Luxe devices for NCR Connected Payments, giving a secure payment route for retailers.
  • Hooyu to provide online verification for mobile egaming operator, Small Screen Casinos.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Sberbank in Slovenia Partners with Open Banking Platform Provider Token.
  • Equifax Acquires DataX to Promote Financial Inclusion.

Around the web

  • Wirecard and Mastercard collaborate to make contactless payments using wearable technology more accessible.
  • Roostify expands leadership ranks with new Chief Customer Officer, new VP of Sales, and new General Counsel.
  • VyStar Credit Union ($7.6 billion in assets) to upgrade core banking solution with technology from FIS.
  • Hyperwallet to provide mass payment distribution for content processing platform, Wordapp.com.
  • Premier America Credit Union ($2.5 billion in assets) to deploy core processing technology from Jack Henry & Associates.
  • Santander integrates nCino’s Bank Operating System.
  • Carte Wealth Management to launch advisor engagement platform powered by DigitalReach from BlueRush.
  • TechCrunch reports: Coinbase Reportedly Gets Approval from US regulators to Start Listing Tokenized Securities.
  • Ephesoft releases new Swagger/OpenAPI-web services for Ephesoft Transact.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Avoka Unveils Springboard Deposit Account Opening Solution.
  • German Banking Software Provider NDGIT Raises $4.7 Million in Series A Round.

Around the web

  • Experian unveils MarketingConnect platform.
  • Tango Card partners with Alvin Healthcare.
  • PayNearMe allows LimeBike riders to pay in cash.
  • Finastra integrates Optimal Blue into its Fusion MortgagebotPOS solution.
  • bpm’online wins Company of the Year award from American Business Awards for third year in a row.
  • Horizn takes top honors at Digital Banking 2018 American Banker conference.
  • Latest version of Quest Diagnostics’ content management solution features Smart Capture technology from Ephesoft.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Ephesoft Unveils Mortgage Document Capture Solution

Now that spring has arrived, families across the country have started the home buying process. However, the average time it takes to close on a house is 50 days, making it a long road to home. Aiming to speed things up, document capture and data analytics company Ephesoft launched Ephesoft Transact for Mortgage this week. This is the California-based company’s first vertical-specific product offering.

The cloud-based platform recognizes and classifies more than 600 mortgage document types. When lenders bundle Ephesoft Transact for Mortgage classification solution with the Ephesoft Transact flagship offering, they can increase mortgage processing speeds. In a statement, Ephesoft said that large organizations will see deployment times reduced by 80%, from several months to just weeks.

Ike Kavas, founder and CEO of Ephesoft, said that the company’s mortgage lendeing and financial services customers will “greatly benefit from the improved speeds provided by the Transact for Mortgage platform.” Kavas added, “We are continuously developing innovative, cost-effective solutions that solve real problems for our customers and with hundreds of different document types to classify, the mortgage processing industry is ideally suited for document capture innovation and automation.”

To get started, mortgage loan processors upload loan documents into a batch, then Ephesoft Transact for Mortgage automatically classifies and separates documents and exports them into the lender’s loan origination system. The system takes appraisal documents, lease agreements, tax returns, bank statements, and other documents necessary in mortgage applications, and deciphers which pages are necessary and which are simply blank pages, cover sheets, invoices, and disclosures. Once documents are classified, the high-value pages are prepared for data extraction and business insights, with the option to apply Ephesoft’s machine learning technology for further analysis.

In the press release, Ephesoft client, Jane Christie, COO of eDocument Solutions, said, “Customers have reported accuracy reports of 90% or higher, loan processing time reduction of 92% and savings of over $100 per loan. The combination of accuracy, consistency and speed for mortgage documents impacts their bottom line and improves customer satisfaction and retention rates.”

At FinovateAsia 2017, Ephesoft demoed how banks can use its cloud services to classify documents, extract their information, and automate business transactions. Last summer, the company earned a $15 million investment from Mercato Partners, its first round of funding since it was founded in 2010. In the fall of 2017, Ephesoft’s developers released version 4.0 of its Transact Mobile SDK.

Finovate Alumni News

On Finovate.com

  • Ephesoft Unveils Mortgage Document Capture Solution.
  • Coinbase Acquires Earn.com; Adds Balaji Srinivasan as First CTO.

Around the web

  • ThreatMetrix introduces its first product integration with LexisNexis since the company was acquired in February.
  • Finastra makes its mortgage lending solutions available via the cloud courtesy of partnership with Microsoft.
  • Ambassador Michael Froman joins Mastercard as vice chairman and president of strategic growth.
  • Moneyhub opens its API to U.K. challenger banks Monzo and Starling.
  • Coinbase acquires Cipher Browser to support its decentralized mobile browser offering.
  • Fortytwo Data appoints Luca Primerano as chief AI officer.
  • Coindesk: Mastercard Eyes Blockchain for Fighting Fake Identities.
  • Infosys to acquire Creative and Consumer Insight Agency, WONGDOODY.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Coinbase Launches Coinbase Ventures to Support Early-Stage Crypto Startups.
  • Kabbage and Ingo Money Team Up to Power Faster Loan Payouts to SMBs.

Around the web

  • Carter Bank & Trust ($4.1 billion in assets) partners with Fiserv as part of strategic, digital transformation.
  • Phillips 66 to offer digital payments at the pump courtesy of integration with Mastercard’s Masterpass.
  • Ephesoft unveils latest version of its smart document capture solution, Transact 4.5.
  • BioCatch wins “Best Innovation in Securing Transactions” at Florin Awards.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.