LPA Uses OpenRisk Micro-Services for Contract Navigator
LPA has integrated OpenRisk Technologies (OpenRisk) microservices into Contract Navigator, its new financial markets solution.
According to LPA, Contract Navigator improves the efficiency of financial market agreements over their entire life cycle while also providing financial institutions with deal transparency. The digital interface of the platform intends to remove paper documents in capital and debt markets.
OpenRisk adds computer vision, semantic web, natural language processing, and machine learning algorithms to the Contract Navigator solution.
Legal and tabular data is turned into usable information using OpenRisk microservices. Legal contracts will be digitised and relevant data collected to develop a centralised, searchable contract repository that will feed the clause library in Contract Navigator.
Contract Navigator will also integrate OpenRisk business products, including Covenant Manager, via an application programming interface. This extracts, tracks, monitors, and manages covenants, bridging the gap between contractual obligations or intents and operational outcomes.
Keith O’Brien, chief commercial officer at LPA, said:
“At LPA, our goal is to help clients defy old processes and deploy innovation that places them at the forefront of the industry – and Contract Navigator has been developed with this in mind. The OpenRisk extraction capabilities are unique, and we have not seen another provider with such a powerful table extraction.”
He added: “We are building one single solution for centralised end-to-end business processes around financial markets agreements. Going forward, we will now be able to help clients in a myriad of different areas, including ESG and sustainable finance initiatives, corporate policy validation, and distributed ledger technology solutions.”
Narasimha Kodihalli, founder and CEO of OpenRisk, commented:
“We are pleased to power Contract Navigator with our services, helping to offer a full 360-degree solution from document extraction to document creation for syndicated loans and trading agreements. With this partnership, we will now be able to expand into new territories like Europe and the UK and bring our innovative technology to the widest possible audience.”
Source: Asset Servicing Times