XQuant Looks to Expand Data Automation Solutions in S. Korea

XQuant is now marketing its data automation solutions with leading companies in South Korea.

In a Wednesday (Dec. 28) press release, the firm said that it is now collaborating with NICE and Hana Bank on its solutions for financial institutions and FinTech businesses.

XQuant’s data automation solutions use artificial intelligence (AI) to help financial companies improve their decision process and their operational efficiency, according to the release.

“For companies, manual data processing can be time-consuming, with significant chances of errors,” XQuant said in the release. “This can lead to loss and liabilities for the financial companies.”

XQuant’s TS-Expert solution uses optical character recognition (OCR) and natural language processing (NLP) to extract and analyze information from documents, thereby reducing the input processing time and operational risk, according to the press release.

For example, TS-Expert extracts data from confirmation of over-the-counter (OTC) financial products and extracts informal contract terms from non-standard OTC derivatives contracts, converting them into structured data in a format desired by the customer, the release said.

Most companies find that while data is their most critical asset, 80% of the data is unstructured, per the release.

“With TS-Expert, there are low to nil chances of error, making the process 200 times faster than manual extraction and can shorten the deal matching and settlement cycle,” XQuant said in the press release. “TS-Expert has flexible input and output methods, so clients can input information and seek results per their convenience format.”

The company also offers another service called ESG-Analytix that helps investors and financial analysts find and assess information related to corporations’ environmental, social and governance (ESG) efforts, according to the press release.

Businesses have historically relied on human expertise to manually take information from documents and sort it into the back-end systems, like enterprise resource planning (ERP) platforms, Metafile Information Systems Director of Software Development Don Dow told PYMNTS in an interview posted in August.

It’s a labor-intensive task that continues to present the risk of errors and slowed-down vendor payments. Even as suppliers digitize their invoices, a lack of standardization means that this particular pain point remains stubbornly in place — whether a document is received via email, in the mail or other electronic system, Dow said.

“To automate document processing and related business processes — and to do it well — a solution needs to interact and tightly integrate with other systems,” Dow said.

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