Document ingestion combined with permissioned data applications enable complete, agile lending solutions
Ocrolus, the only automation platform that analyzes financial documents with over 99 percent accuracy, formalized its “Build on Ocrolus” program, enabling fintech developers to leverage custom applications that automate document-driven workflows. The program was introduced today at the Money 20/20 conference, including Ocrolus and business partner Plaid demonstrating income and asset validation solutions.
Ocrolus has emerged as the leading Human-in-the-Loop (HITL) document processing and automation solution with full-stack capabilities: to classify financial documents, capture key data fields, detect fraud, and analyze cash flows, enabling lenders to make faster, data-driven decisions.
“Our platform helps lenders automate underwriting and intelligently validate income and assets” said Sam Bobley, Co-founder & CEO at Ocrolus. “By enabling lenders to more quickly analyze financial data from diverse sources, Ocrolus levels the playing field for every borrower.”
At the Ocrolus booth #1207 at Money 20/20, Plaid will be demonstrating Plaid Income, the developer’s innovative cloud application for verifying anyone’s income and employment. The solution combines Plaid’s consumer-permissioned connectivity to income and payroll systems with Ocrolus’ ability to analyze documents uploaded by users. The Ocrolus API processes pay stubs, W2s, & other tax forms, returning structured JSON data.
“Combining consumer-permissioned payroll data with document automation makes Plaid Income a complete solution for employment and income data verification that applies to a range of lending use cases,” said Kate Adamson, Head of Credit Product at Plaid. “We believe that document upload is a viable option for users and, in some cases, it is a preference for them. Ocrolus allows us to offer a document verification solution that empowers consumers to verify their information in a way they prefer.”
Ocrolus will also be demonstrating the power of API integration with a small business lending demonstration showing how loan origination systems can capture and analyze bank statements and consumer-permissioned banking data.
“The Build on Ocrolus program is designed for the new wave of transformational fintech companies,” explained David Snitkof, Head of Analytics with Ocrolus. “These innovators can call upon our document automation infrastructure to create complete applications, using verified data to power financial decisioning, risk analysis, credit modeling, and dozens of other data-driven solutions.”
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