Inovatec Systems’ JAVELIN lending platform now offers OCR (optical character recognition) for automatic document indexing and sorting. Inovatec Systems is a provider of cloud-based software solutions for financial institutions.

The OCR technology uses AI machine learning to allow financial institutions and lenders to sort incoming documents at any hour. The OCR function will save approximately three to five minutes of manual sort time per transaction, according to Inovatec.

The feature encompasses three different phases:

• Automatic document indexing includes automatic document indexing and sorting through custom-built artificial intelligence machine learning. The automatic document indexing feature allows sorting of incoming documents 24/7.
• Meta data validation takes the next step in validating data for funding. This data validation allows financial institutions to “automatically fund” using data analytics. By isolating the necessary data elements for funding, a transaction can automatically be completed using validations that align with lenders current processes.
• Auto fund is the process that completes the journey to automated funding by taking a submission or automatic approval to funding without human touch.

“Providing the most accurate data for our customers while helping them to save in a quantifiable and scalable way [has] always been a fundamental value at Inovatec,” Brendon Aleski, U.S. director of sales at Inovatec, said. “We are constantly improving and perfecting our product offering to include proprietary modules, analytics and cutting-edge machine learning capabilities that become smarter with each transaction.”