Project description
An innovative tool for straight-through processing
Over the last years, the intense competition in the banking industry has resulted in the fragmentation of the banking market into disparate systems and databases. Although effective improvement in workflow and standardisation of processes can be achieved through business process management / robotic process automation solutions in this heterogeneous ecosystem, a large amount of unstructured data remains unexploited. The EU-funded SimplyData project is offering a system of document identification and classification and data extraction based on natural language processing technology and artificial intelligence with remarkably high rates of success.
Objective
Competition in the banking industry has intensified enormously in recent years, a trend that can be observed particularly in the fragmented European banking market.
Over the last several years, financial institutions have utilized Business Process Management / Robotic Process Automation solutions to improve workflow and standardize processes. Intelligent machines are driving technology development across all financial institutions. These solutions provide robust benefits when applied to disparate systems and databases but do not yet exploit the value trapped in UNSTRUCTURED DATA. True straight-through processing remains an elusive goal as much work still remains outside the BPM/RPA’s reach. The ability to transform unstructured data into structured data will have a hugely positive bottom line impact.
Fundamentia is a research-led artificial intelligence company. Our solution, SimplÿData is built on top of our AI core:
SimplÿData automatically identify any type of document and classify it accordingly to the taxonomy agreed with the client. Our success ratios in document identification and classification exceed 99%.
Then, SimplÿData extracts relevant data from any type of document. Our data extraction success ratios exceed 95%.
SimplÿData collaborates with our clients and their integrators, complementing the capabilities of the RPAs (Robotic Process Automation), facilitating End-to-End process automation
Fundamentia is therefore bridging the gap between unstructured data and RPAs. We have piloted our technology with some of the most respected banking names such as Banco Santander achieved accuracy rates >95%, drastically reducing total operational times towards improving the operational efficiency of banks.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- natural sciences computer and information sciences computer security data protection
- natural sciences computer and information sciences data science natural language processing
- social sciences sociology industrial relations automation
- natural sciences computer and information sciences knowledge engineering
- natural sciences computer and information sciences artificial intelligence machine learning
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
MAIN PROGRAMME
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H2020-EU.3. - PRIORITY 'Societal challenges
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H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-1 - SME instrument phase 1
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-EIC-SMEInst-2018-2020
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
28006 MADRID
Spain
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.