September 12, 2016 10:00 ET
RAGE AI™ Processes Untagged Data in XBRL Documents
Platform Automatically Extracts and Processes Financial and Bank Statements in Any Form and Format
DEDHAM, MA–(Marketwired – Sep 12, 2016) – RAGE Frameworks, a provider of AI for the Enterprise, today announced the availability of new features and capabilities for its LiveSpread™ Intelligent Machine, a contextual, traceable machine learning solution for the automated ingestion and processing of financial statements and other documents. With this release, LiveSpread™ will process untagged data from XBRL documents, in addition to tagged data, financial statements, bank statements and ITRs received in any form [paper, pdf, picture, excel, etc.] or format.
Financial statements are at the heart of numerous business processes ranging from lending, mergers and acquisitions to audits and investments. The significant degree of nonstandard account labels across private and public, domestic and international companies, and natural variation in format (electronic files, spreadsheets, PDFs, and within fax statements) of accounting standards across companies makes the process of gathering, extracting and normalizing financial data in a form amenable for decision making highly complex and cumbersome. XBRL provides a framework for the interchange of financial statements between organizations and systems, but does not address this variability or standardization problem.
RAGE’s LiveSpread™ Intelligent Machine also has the ability to process statements across multiple languages and GAAP conventions, normalizing them to a single desired view. It has been deployed in several leading global financial institutions with higher quality results, reduced costs and faster turnaround times. With this release, LiveSpread™ will now also process all data in XBRL documents, both tagged and untagged.
“Dynamically creating a virtual standard where there is none — by providing a single, normalized view of financial statements — from a highly diverse and completely non-standard input stream is what we designed LiveSpread™ for,” said Aashish Mehta, head of business banking for RAGE. “Our solution precedes XBRL by several years and while it supports XBRL today, it does not depend on it or any other current or future data interchange format for delivering a significant value proposition to our clients.”
About RAGE Frameworks: It’s Possible
RAGE Frameworks Inc. is a leader in knowledge-based automation technology and services providing AI for the Enterprise. RAGE AI™ is a no-code patented platform for end-to-end automation of knowledge-based processes. RAGE AI™ is currently used by some of the largest banks, manufacturers, consulting companies, high tech firms, and logistics companies. Headquartered in Dedham, Massachusetts with global operations centers in Pune and Belgaum, India, RAGE offers unprecedented speed, flexibility and insight in solving today’s most complex, critical business problems. Visit us at www.rageframeworks.com to learn more about RAGE AI™ and our entire suite of intelligent automation solutions and follow us on Twitter @RAGE_Frameworks.