Financial technology data firm Tellimer Group (Tellimer) has launched Version 2.0 of its AI-powered data extraction tool Parsel.
Originally built to improve in-house financial and credit analysis, Parsel is a document processing (IDP) tool built for financial and capital-market participants to analyse and process credit and company information.
Parsel automates the identification, extraction and digitisation of target information presented on bond documentation, term sheets, pricing supplements, derivatives contracts, and financial reports.
It creates statistical analysis and natural language processing which is tailored to extracting and digitising text, tables, terms, and forms from financial and capital markets documents.
The Parsel upgrade now includes different algorithm configurations for different data formats and use cases, enabling businesses to process large volumes of corporate, legal, transaction and financial documents.
These include term sheets, pricing supplements, over-the-counter derivatives confirmations, and financial reports, invoices business forms, legal documentation, macroeconomic datasets and procurement data.
Parsel can be accessed via the web application on Parsel.ai or integrated directly into existing business workflows via customisable API.
Commenting on the launch of Parsel 2.0, Daniel Vliegenthart, tech lead of Parsel.ai, says: “Our team has spent more than 18 months of research and development to enhance the Parsel extraction algorithm. With this new release, accuracy has improved still further when tested against our broadest and most challenging set of test data."
Duncan Wales, CEO of Tellimer Group, says: “We built Parsel for ourselves to accelerate our own analysis of companies and credits, and decided it was so good we should share it with our clients. We know first-hand how hard it is to locate and transpose terms, clauses, data, metrics, financial reporting and forecasts from financial documents, and want to simplify it for the whole market as much as we can.
“Having built it to financial levels of accuracy, we also anticipate it will be a powerful tool for enterprise clients in a number of industries as the need for secure and accurate digitisation accelerates."
