Pendo Systems Announces Two New LIBOR-Related Platform Upgrades
The Platform now enables Contract Linkage and Table Extraction
MONTCLAIR, N.J., December 3, 2019 (Newswire.com) - Today, Pendo Systems announced two significant upgrades to their Platform that were developed as a direct result of the LIBOR engagements the firm has been involved in throughout the course of 2019. These engagements required the upgraded features in order to complete some of the more complex data challenges presented by LIBOR remediation. Specifically, the company has added both the capability to connect linked contracts and perform complex table data extraction.
The challenge with LIBOR documentation is, over time, contracts experience lifecycle events such as amendments, the issuance of annexes or M&A activity. It's important to establish a clear link between these lifecycle documents and present them chronologically so anyone performing remediation is certain they are working with the latest contract version and have access to all related documents. Pendo creates these connections within the platform and precisely conforms the data so a workflow tool can logically organize the documents and highlight those with LIBOR terms.
Another LIBOR documentation challenge is table extraction, as most financial contracts contain embedded tables. Pendo has a background of working on table extraction, however, their more recent experience acquired working on over 60+ LIBOR product/contract types, and particularly complex derivative contracts provided the impetus for the latest upgrade. Both upgrades are immediately available within the Pendo Platform and can be utilized not only to accelerate LIBOR remediation but also to automate the onboarding/straight-through processing of all foundational business documents.
The Pendo platform transforms unstructured data into addressable, machine-readable content that can be consumed via downstream intelligent automation systems. The platform has been deployed across an extensive list of use cases, in addition to LIBOR, that amply demonstrate why it can easily become an integral part of a digital transformation ecosystem.
“2019 has been the year of LIBOR at Pendo Systems, so I’m happy our experience has resulted in these significant platform upgrades that will be available to all Pendo customers, regardless of use case. Together with our extensive experience extracting fallback terms from a wide range of contract types, they will ensure Pendo’s position as the leader of the 'LIBOR pack' will be maintained for the foreseeable future.” -Pamela Pecs Cytron, Founder/CEO Pendo Systems.
The Pendo Platform is a data transformation tool that quickly and accurately digitizes unstructured source documents, transforming them into machine-readable content for upstream/downstream processing. The Company is headquartered in New Jersey, with offices in Charlotte, North Carolina.
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Source: Pendo Systems
Categories: Banking, Finance, Insurance