XQuant to expand data automation solutions in South Korea
By Gloria Methri
XQuant is now marketing its data automation solutions with leading companies in South Korea. The firm said that it is collaborating with NICE and Hana Bank on its solutions for financial institutions and FinTech businesses in the region.
Established in 2019, XQuant’s data automation solutions use artificial intelligence (AI) to help financial companies improve their decision process and operational efficiency. It has offices in Moscow, Tunis, and Seoul.
“For companies, manual data processing can be time-consuming, with significant chances of errors,” XQuant said. “This can lead to loss and liabilities for the financial companies.”
The company’s TS-Expert solution uses optical character recognition (OCR) and natural language processing (NLP) to extract and analyze information from documents, thereby reducing the input processing time and operational risk.
For example, TS-Expert extracts informal contract terms from non-standard OTC derivatives contracts and converts them into structured data in a format desired by customers using AI technology such as natural language processing.
According to XQuant, most companies find that while data is their most critical asset, 80% of the data is unstructured.
“With TS-Expert, there are low to nil chances of error, making the process 200 times faster than manual extraction and can shorten the deal matching and settlement cycle,” the firm said. “TS-Expert has flexible input and output methods, so clients can input information and seek results per their convenience format.”
The company also offers another service called ESG-Analytix that helps investors and financial analysts find and assess information related to corporations’ environmental, social and governance (ESG) efforts.
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