Citi has made a strategic investment in Numerated as part of a wider partnership with the AI-powered modular commercial lending platform.
Under the deal, Numerated will provide its AI-based financial spreading solution to Citi users across a host of countries and languages.
One of the key benefits of implementing Numerated is the significant reduction in the time required for financial spreading and analysis, with processing times slashed from days to hours with the help of AI, says the vendor.
The Numerated platform can process data from diverse private company financial statement formats, including handwritten notes, Excel documents, PDFs and other formats commonly used by business owners.
Machine learning algorithms ensure that the data is accurately captured, normalised and consistently presented. That data can then be used efficiently for various use cases after proper validation by an employee.
“Our global partnership with Numerated shows our commitment to investing in modern enterprise lending solutions as well as better understanding our customers,” says Mike Hershkowitz, head, wholesale lending product management, Citi.
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