NextAce Launches New Data Extraction Technology
October 21, 2014
NextAce, a software-as-a-service technology company that has processed more than 100 million documents, announced the launch of NeXtraction, a data capture engine and related workflow that can turn document images into actionable data and information.
Designed for document- and data-centric mortgage, real estate and title insurance markets, the automated functionality of NeXtraction gives customers the ability to intelligently index, extract, catalog, understand and deliver information from structured, semi-structured, or unstructured documents of any length, the company announced in a release. Additionally, the technology can replace or reduce manual keying of data.
“NeXtraction makes possible the true harnessing of data,” said NextAce CEO Don Cantral. “This major advance in data capture represents a best-of-breed data extraction workflow solution, readily available to any organization wanting to reduce expenses, increase efficiencies, and focus on the assets they possess or process.”
He added that the technology learns from and recognizes patterns of information and text and performs in-line corrections as required. This technology relies on numerous components and algorithms that complement and enhance one another.
Cantral explained that by incorporating a high degree of validation including signature, date and initials identification, NeXtraction can greatly reduce the possibility of unexecuted or uninitialed documents making their way through the closing process. NeXtraction creates auditable workflows, makes annual audits easier and helps companies reduce the risk of potential fines and losses.
Equally adept at processing small- or large-volume projects, NeXtraction can be configured to fit the customer’s workflow needs
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