Cleareye.ai, a leading fintech platform that transforms banks into hyper-agile organizations, today announced it is collaborating with Microsoft. Cleareye.ai’s enterprise-ready platform will use Microsoft technology to power its products, starting with the PPP Loan Forgiveness Processing Engine, which will be powered by Microsoft Azure.
This offering is a Microsoft Azure Artificial Intelligence (AI) powered document automation and rules reconciliation solution. It is designed for lenders who process forgiveness applications as part of the Small Business Administration’s Paycheck Protection Program (PPP), that provides direct incentives to small businesses to keep workers on the payroll during the COVID-19 pandemic.
In the first round of this program, more than $525 billion was disbursed. But banks, faced with processing applications in 60 days, dealt with processing bottlenecks due to the sheer number of loans and the intricacies of document verification.
Cleareye.ai’s engine is designed to reduce the risk and cost associated with processing, increase production and improve accuracy. The system employs natural language processing (NLP), advanced machine comprehension, computer vision, machine learning and configurable rules to process forgiveness applications at scale and in a fraction of the time, while integrating with existing loan processing systems.
The engine from Cleareye.ai also uses computer vision, part of Azure Cognitive Services, Azure Kubernetes Service, and other scalable computing and analytical services from Microsoft to fulfill its promise to its customers.
“Microsoft’s cloud-based computer interface significantly streamlines our document understanding process to extract printed and handwritten text. Cognitive service containers are a game-changer for us, they give us the flexibility to bring our data close to where it gets processed for compliance, security, or other operational reasons,” said Chandrasekhar Somasekhar, Chief Architect at Cleareye.ai.
Mariya George, Cleareye.ai’s Co-Founder and President, added: “Quality of text extraction has significantly improved the accuracy of our downstream language prediction models, which in turn streamlined business processes, such as loan processing and trade finance document scrutinization. This collaboration with Microsoft will add tremendous value to our customers and prospects.”
While providing both on-premises and private cloud deployments, Cleareye.ai utilizes Azure services to help secure its customer data, simplify the PPP process and differentiate the customer experience. Azure Cognitive Services and its Computer Vision OCR powers the solution’s ability to manage risk and regulatory compliance, and optimize financial crime prevention. With Microsoft as its technology collaborator, Cleareye.ai will begin rolling out its array of products.
“We’re pleased for this new collaboration with Cleareye.ai, which allows Microsoft Azure to serve as a backbone to Cleareye.ai’s AI-powered processing engine,” said David Koscheski, director, US Financial Services, Microsoft. “We believe the combination of the technologies will have a significant impact for lenders while responding to growing demand.”