Ocrolus launches new, cost-effective Instant solution for analyzing financial documents

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Sep 20, 2023, 09:00 ET

Instant enables lenders to accurately process bank statements, pay stubs, and tax documents in seconds

NEW YORK, Sept. 20, 2023 /PRNewswire/ -- Ocrolus, a leader in AI-driven document automation for faster and more accurate lending decisions, introduced Instant, its fully automated document processing offering, which returns insights in seconds.

Instant is an AI-powered service offering that empowers lenders to analyze bank statements and other financial documents more efficiently than ever before. The machine-only solution provides lenders with the data quality and analytics they have come to trust and expect from Ocrolus, enabling faster lending decisions while reducing risk.

"Ocrolus has analyzed hundreds of millions of pages of financial documents, using AI working in tandem with Human-in-the-Loop (HITL) data validation," said Sam Bobley, Co-founder and CEO at Ocrolus. "Thanks to our massive volume of training data, our automation capabilities have reached a point where we are thrilled to debut a machine-only offering with greater coverage and accuracy than any other software product in the market. We're excited to pass the financial efficiencies from our AI advancements along to our customers."

Instant is offered as a complementary service to Ocrolus' flagship Complete offering, which includes human data verification for lower quality documents. Instant and Complete can be used in tandem via the company's web dashboard or API, simplifying and completely automating the document analysis process with over 99% accuracy.

Lenders can significantly decrease the cost of application processing using Instant. In addition, the machine-only solution includes Detect and Cash Flow Analytics to help lenders minimize fraud and credit risk.

With Instant and Complete, Ocrolus is an end-to-end platform that eliminates the need for multi-vendor review processes, which are cumbersome to manage and may lead to inaccurate lending decisions. Ocrolus ensures best-in-class data quality and reliability, empowering lenders to focus on their core business and make decisions with trusted data.

"With the introduction of Instant, we're already seeing significant time and cost savings in our underwriting processes. As a thriving business with application volumes growing 70% this year, increasing efficiency is a critical priority," said Andrew Fellus, CEO at TVT Capital. "Centralizing automation of Bank Statements through Ocrolus gives us trusted data with 99% accuracy in seconds - incomparable to anyone else on the market. Now I can focus on what matters most to me as CEO - enabling my team to deliver a positive experience and faster path to funding for the small-medium sized businesses we proudly serve."

For additional information or to book a product demo, visit www.ocrolus.com.

About Ocrolus
Ocrolus is a document AI platform that enables faster and more accurate financial decision making. The company analyzes documents with over 99% accuracy, regardless of format or quality, supporting hundreds of document types including bank statements, pay stubs, and tax forms. Ocrolus provides a trusted solution to detect fraud and streamline decisions for 400+ clients across a number of use cases, ranging from small business, mortgage, and consumer lending to tax preparation and Medicaid eligibility. Customers such as Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi leverage Ocrolus automation to build delightful user-experiences. To learn more, visit Ocrolus.com.

SOURCE Ocrolus