Cleareye.ai, a U.S.-based fintech that operates a artificial intelligence (AI) machine learning platform, announced on Tuesday it has joined forces with tech giant Microsoft. Cleareye.ai reported that through the partnership it will use Microsoft technology to power its products, which includes its Paycheck Protection Program (PPP) Loan Forgiveness Processing Engine.
“This offering is a Microsoft Azure Artificial Intelligence (AI) powered document automation and rules reconciliation solution. It is designed for lenders who process forgiveness applications as part of the Small Business Administration’s Paycheck Protection Program (PPP), that provides direct incentives to small businesses to keep workers on the payroll during the COVID-19 pandemic.”
Cleareye.ai also revealed that in the first round of this program, more than $525 billion was disbursed. But banks, faced with processing applications in 60 days, dealt with processing bottlenecks due to the sheer number of loans and the intricacies of document verification. Speaking about the partnership, Chandrasekhar Somasekhar, Chief Architect at Cleareye.ai, stated:
“Microsoft’s cloud-based computer interface significantly streamlines our document understanding process to extract printed and handwritten text. Cognitive service containers are a game-changer for us, they give us the flexibility to bring our data close to where it gets processed for compliance, security, or other operational reasons.”
Mariya George, Cleareye.ai’s Co-Founder and President, added:
“Quality of text extraction has significantly improved the accuracy of our downstream language prediction models, which in turn streamlined business processes, such as loan processing and trade finance document scrutinization. This collaboration with Microsoft will add tremendous value to our customers and prospects.”