Northteq launched Aurora IDP (Intelligent Document Processing), an AI-powered solution designed to transform how equipment finance lenders handle one of their most time-consuming challenges: extracting and verifying data from invoices, credit applications and supporting documents.
“We built Aurora IDP because we kept hearing the same frustration from lenders,” David Trost, director of product at Northteq, said. “They’d invested in digital credit applications and portals, but the moment a dealer emails an invoice or a credit app, everything grinds to a halt while someone manually enters that data. We’re talking about three to five minutes per document, multiplied by dozens or hundreds of documents every day.”
Aurora IDP delivers intelligent automation through:
- Automatic data extraction from equipment invoices, credit applications and identification documents
- Instant verification that compares extracted data against existing application information
- Multi-channel document intake through email, API integration, portal and more
- Intelligent matching that automatically associates documents with the correct applications
- Side-by-side comparison views
“Aurora IDP fundamentally changes the growth equation for equipment finance lenders,” Kristian Dolan, CEO at Northteq, said. “Now, lenders can handle four to five times more applications with their existing team, which means sales teams can pursue aggressive growth strategies without operational constraints. We’re enabling lenders to do higher volumes without sacrificing quality or speed.”
Aurora IDP is available now for Aurora LOS customers and can be integrated with existing workflows. The solution includes comprehensive audit trails for compliance purposes and organized document storage that simplifies regulatory reviews.
