BURNABY, British Columbia -

Inovatec Systems Corp. rebranded its cloud-based software solutions back in October. This week, the fintech firm launched a major enhancement designed to save time and manual labor.

Inovatec announced its JAVELIN platform now offers optical character recognition (OCR) for automatic document indexing and sorting. The company highlighted the OCR technology uses custom-built artificial intelligence and machine learning to allow financial institutions and lenders to sort incoming documents at any hour.

Inovatec estimated the OCR function will save approximately three to five minutes of manual sort time per transaction with accuracy while maintaining current funding processes. For lenders processing thousands of loans at any given time, the OCR feature could save significantly on valuable working hours, according to a company news rease.

The feature encompasses three different phases:

— Automatic document indexing includes automatic document indexing and sorting through custom-built artificial intelligence and machine learning. The automatic document indexing feature can allow sorting of incoming documents 24/7 while maintaining speedy and accuracy.

— Meta data validation takes the next step in validating crucial data for funding. This data validation can allow 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 can complete the journey to automated funding by taking a submission or automatic approval to funding without human touch. Inovatec said it is the first and only technology provider to offer automatic funding as part of its LOS offering.

The company went on to mention other benefits of an OCR-capable system include:

• Decreased funding turnaround time and headcount required for indexing and data validation. Use those FTE to fund or adjudicate more deals.

• Increased efficiencies through automated solutions. Get a completely paperless environment through digital document from any source (fax, text, email) with 100% accurate validations.

• Increased customer satisfaction through faster automated status communications to and from the originating portal. Expose missing or incorrect data and documents.

“Providing the most accurate data for our customers while helping them to save in a quantifiable and scalable way always been a fundamental value at Inovatec,” Inovatec U.S. director of sales Brendon Aleski said in the news release.

“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,” Aleski added about JAVELIN by Inovatec, which can help finance companies select the right deals, while only paying for deals that are booked.

To learn more about Inovatec and its complete suite of lender-centric technologies, visit www.inovatec.com.