Tellimer Group (Tellimer), a financial technology, data and information provider, has launched V2.0 of its AI-powered data extraction tool, Parsel.

Parsel is a market-leading intelligent document processing (IDP) tool, designed and built by Tellimer to give financial and capital-market participants a competitive advantage in analysing and processing credit, sovereign, company and other financial information.

Parsel was created by the Tellimer data science and engineering team to analyse bond documentation, term sheets, pricing supplements, derivatives contracts, and financial reports.  Parsel not only saves time in manual data entry, but it also automates the identification, extraction and digitisation of target information, resulting in streamlined processes, higher-value analysis and digitised data sets for investors, professional services firms and financial institutions.

As the role of data management in operational efficiency and market advantage continues to grow, Parsel estimates that the digital transformation market is now worth $1 trillion, of which data and table extraction accounts for $1 billion, growing at a 13% annual CAGR.  The financial and investment industry is documentation heavy with multiple conventions in naming comparable values, concepts or metrics, which Parsel solves for.  Parsel supports faster and more accurate decision making, efficient processes and information transparency.

Parsel uses advanced computer vision, statistical analysis, and natural language processing, which is specifically tailored to extracting and digitising text, tables, terms, and forms from financial and capital markets documents.  The Parsel upgrade now includes different algorithm configurations for different data formats and use cases, and the flexible API and in-house team can configure bespoke solutions for clients if needed.  This enables businesses to process large volumes of corporate, legal, transaction and financial documents at scale, including: term sheets, pricing supplements, OTC derivatives confirmations, financial reports, invoices, purchase orders, business forms, legal documentation, macroeconomic datasets, procurement data and more.

When tested on sample financial datasets consisting of table-based data, Parsel demonstrated greater accuracy and fewer output errors than any other IDP or data extraction tool currently on the market.

Commenting on the launch of Parsel 2.0, Daniel Vliegenthart, Tech Lead of Parsel.ai, said:

“Our team has spent more than 18 months of R&D to enhance the Parsel extraction algorithm. With this new release, accuracy has improved still further when tested against our broadest and most challenging set of test data.  This release cements Parsel’s superiority in the field of table and form field extraction compared to our competitors.”

Tellimer Group CEO Duncan Wales said:

“We built Parsel for ourselves to accelerate our own analysis of companies and credits, and decided it was so good we should share it with our clients.  We know first-hand how hard it is to locate and transpose terms, clauses, data, metrics, financial reporting and forecasts from financial documents, and want to simplify it for the whole market as much as we can.  Having built it to financial levels of accuracy we also anticipate it will be a powerful tool for enterprise clients in a number of industries, as the need for secure and accurate digitisation accelerates.”

Parsel users can leverage this market-leading accuracy and processing speed to effectively extract and process any tabular and form field data, and export as ready-to-use Excel, JSON, CSV or Text files. Parsel can be accessed via the easy-to-use web application on Parsel.ai or integrated directly into existing business workflows via customisable API.

Originally built by Tellimer’s own team of data scientists and engineers to improve in-house financial and credit analysis, Parsel is one of the proprietary fintech products from Tellimer Technologies, the team behind the market-leading investment research platform Tellimer Insights launched in 2020, and the content creation tool Scriber, launched in early 2022.

Source: Tellimer