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Document processing plays a critical role in industries such as banking and trade finance, but it is often a laborious and error-prone task. However, with the advent of artificial intelligence (AI), natural language processing (NLP), and machine learning (ML), this process can be simplified and streamlined. Impactsure Technologies, a leading SaaS company, specializes in providing AI-powered solutions for document processing in the banking and trade finance sectors. In a recent interview with Analytics Insight, Dharmarajan Sankara Subrahmanian, the visionary founder of Impactsure Technologies, sheds light on the challenges and opportunities associated with applying AI to document processing.
Impactsure Technologies AI-ML-based document processing and analytics platform revolutionizes operations for banks, trade finance companies, and enterprises in the B2B sector. We have developed a patent pending solution called the Secure Unified Responsive Engine (SURE) Platform that is built using AI ML, NLP, and Generative AI. It can contextually read, understand, and classify unstructured documents, data, QR codes, barcodes, and data from images and then extract the data contextually for further processing, depending on the workflow or use case. We also have more than 450 SureTons (technical and functional microservices) powering practical, user-friendly modular solutions. They are SureXtract for extracting unstructured data from documents; SureMatch for scrutinizing, processing, and vetting documents; SureAutomate for augmenting and implementing Intelligent RPA solutions; and SureFlow for customized workflows.
The firm's platform transforms complex document and data tasks into streamlined processes. It automates document intake, ensuring compliance with industry standards and international laws. Advanced machine learning algorithms provide accurate data extraction and categorization, reducing errors and fraud risk. The platform optimizes workflows, provides real-time insights, and aids in risk assessment. It's cost-effective, scalable, and integrates seamlessly with existing systems. Security is prioritized with strong encryption, access controls, and data protection compliance.
Dharmarajan Sankara Subrahmanian details the security measures implemented by Impactsure Technologies. The company employs industry-standard encryption algorithms to secure data both in transit and at rest, ensuring the confidentiality of crucial financial documents. Control over document access is maintained through role-based access controls, supplemented by robust authentication and authorization procedures. The platform meticulously logs all user interactions with documents, providing comprehensive audit trails essential for compliance reporting and forensic analysis. In-built compliance components continuously monitor and enforce industry regulations.
Regular security audits and vulnerability assessments are conducted to promptly identify and address any security issues. The platform offers data residency options, enabling enterprises to adhere to regional data sovereignty standards. Additionally, third-party security and compliance certifications are undertaken, accompanied by independent vulnerability checks conducted by customers on their respective solutions.
Impactsure Technologies collaborates with banks, financial institutions, and large corporations, as outlined by Dharmarajan. Numerous leading private sector banks in India have adopted Impactsure's solutions for Bank Guarantees, with others in the process of integration. The technology seamlessly integrates with the banks' operations to manage Bank Guarantee applications, encompassing additional documents, financial statements, contract terms, and specific requirements. The SureMatch for BGs technology facilitates bankers in classifying, scrutinizing, verifying, and vetting these documents, identifying abnormalities, onerous provisions, and discrepancies, and suggesting optimal alternatives. It has significantly reduced processing time from several hours to a mere 7 or 8 minutes.
Two major stock exchanges, one in the APAC region and another in Africa utilize SureXtract to extract data from Annual Reports, Financial Statements, and other company filings. The gathered data is further processed and distributed to their respective members for monetization. In the United Kingdom, a prominent Trade Finance Bank is currently implementing Impactsure's solution to optimize its Bank Guarantee and Letter of Credit business lines. Additionally, Impactsure Technologies collaborates with various corporate groups in India to streamline document-related operations, such as invoicing processing. The solutions boast several data extraction points and external validations, enabling the handling of 500 documents/pages in less than a minute.
In the majority of scenarios, organizations and banks actively seeking reliable partners for their digital transformation needs often approach Impactsure Technologies, as highlighted by Dharmarajan Sankara Subrahmanian. Recognizing the imperative to emulate technology companies and enhance business agility, these entities acknowledge the importance of trustworthy collaborations, particularly in the realm of document processing.
Dharmarajan Sankara Subrahmanian outlines several key strategies employed by Impactsure Technologies. The company places a strategic emphasis on Proofs of Concept (PoC) with customer use cases, enabling clients to showcase the efficacy of their AI-driven document analytics in a controlled environment. This approach has proven successful, with over 75% of their target clientele advancing to advanced stages of discussion and negotiation.
Impactsure customizes its AI-ML solutions to cater to the unique demands and workflows of each client, aligning with existing processes and facilitating enhanced returns on IT investments. Clients are afforded the flexibility to gradually integrate AI-ML solutions, simplifying the transition and allowing users to familiarize themselves with the technology. The provision of comprehensive training for users and administrators is a key focus, aiming to alleviate concerns and empower users to harness AI-driven data effectively.
Impactsure Technologies extends its support through managed service models and human-in-the-loop models, deploying domain, technology, and subject matter experts to assist clients. Adherence to clients' security standards and policies ensures the protection of sensitive data. Collaboration with clients to establish key performance indicators (KPIs) and service level agreements (SLAs) is a hallmark of their approach, demonstrating the return on investment (ROI) of their AI-ML solutions and fostering transparency in tangible benefits.
Dharmarajan Sankara Subrahmanian highlights that their platform seamlessly integrates with existing systems through various mechanisms, including APIs, custom connectors, data mapping, middleware support, and Single Sign-On (SSO). The platform is designed to adapt to client workflows, ensuring scalability and compliance with security standards for banks and trade finance companies. It is where their microservices-based approach, referred to as SureTons, plays a pivotal role. Currently, the platform boasts over 450 SureTons, with ongoing additions to the library. Among them, there are more than 35 BFSI-specific applications and over 20 designed for use by all corporates.
Dharmarajan Sankara Subrahmanian underscores that Impactsure Technologies stands out as an R&D-focused company, allocating over 20% of its budget to research and development initiatives. Two co-founders of the company possess a collective count of 14 or 15 patents in sophisticated technologies such as AI, ML, spend analytics, robotics, IoT, and more. Actively engaged in business forums, they maintain close relationships with academia, including prominent institutions like BITS, Pilani, and other renowned universities. Impactsure collaborates with corporations and banks, addressing their specific use cases through innovative solutions.
The company has formed alliances with prominent global analysts like iBSI, specialized consulting firms such as Cedar, and technological partnerships with industry giants like IBM, Google, AWS, Microsoft, and Temenos. Their products are available on platforms like Temenos and Microsoft Exchanges. Additionally, Impactsure Technologies has established industry partnerships in the EMEA region and Southeast Asia, ensuring they stay abreast of market trends and regional-specific requirements.
As an active member of the Forbes Technology Council, the company is poised to collaborate with government and regulatory entities, soon serving on their technology and domain advisory committees. This strategic engagement reflects their commitment to contributing expertise and insights to the broader technological landscape.
Impactsure Technologies' solutions are inherently cloud-native, providing the flexibility for deployment either on-premise or in the cloud, depending on the client's requirements. This versatile approach allows the company to scale up and align with the specific needs of its clients.
Dharmarajan Sankara Subrahmanian acknowledges the significant concerns surrounding regulations in today's AI technologies, particularly within the tightly regulated trade finance industry. He highlights four layers of law: global regulations, country-specific regulatory requirements, bank/financial institution-specific requirements, and customer-specific requirements. Among various priorities, he outlines the top three focuses of Impactsure Technologies in the trade finance domain.
To address potential biases that could lead to unfair outcomes in trade finance decisions, rigorous bias detection and mitigation strategies are incorporated throughout the algorithm development and training processes. The AI algorithms are intentionally designed to be explainable, allowing consumers to comprehend the rationale behind specific decisions or recommendations, thereby enhancing trust and accountability. Collaboration with end-users involves conducting frequent audits and assessments of algorithms, enabling the identification and correction of any potential fairness or transparency issues, ultimately preserving the integrity of the algorithms.
According to Dharmarajan Sankara Subrahmanian, the upcoming 12 months carry pivotal significance for Impactsure Technologies. While maintaining support for existing installations, the company is actively guiding its customers in expanding the reach of their solutions across additional departments and areas within their enterprises. This strategic move is proving transformative as it allows for the integration of new use cases into current systems. For instance, certain banks that initially employed SureMatch for Bank Guarantees are now contemplating extending the application of SureMatch and SureXtract to other documentation processes.
Impactsure Technologies remains committed to innovation by continuously introducing new features and capabilities to SURE, SureTons, and other products. Embracing a partner-led model, the company is broadening its presence in new industries and locations, fostering key collaborations to enhance its ecosystem's diversity. The expansion of reach involves the development of more reusable, do-it-yourself plug-and-play demo sandboxes, ongoing investments in continuous research and development, and the strategic recruitment of top talent in industry domains, AI, machine learning, and data science.
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