Tellimer Group (Tellimer), a technology, data and financial information provider, has launched version 2.0 of its AI-powered data mining 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 analyzing and processing credit, sovereign, company, and other financial information.
Parsel was created by Tellimer’s data science and engineering team to analyze bond documents, term sheets, pricing supplements, derivative contracts, and financial reports. Parsel not only saves time on manual data entry, but also automates the identification, extraction and digitization of target information, resulting in streamlined processes, high-value analysis, and digital 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, Parcel estimates that the digital transformation market is now worth $1 trillion, of which data and table extraction is $1 billion, with a compound annual growth rate of 13%. The financial and investment industry is a heavy document with multiple conventions in naming comparable values, concepts or metrics, which Parcel resolves. Parsel supports faster and more accurate decision making, efficient processes and information transparency.
Parcel uses advanced computer vision, statistical analysis, and natural language processing, and is specifically designed to extract and digitize text, tables, terms, and models 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 custom solutions for customers if needed. This enables companies to process large volumes of corporate, legal, transaction and financial documents at a large scale, including: term sheets, pricing supplements, OTC derivative confirmations, financial reports, invoices, purchase orders, business forms, legal documents, and macroeconomic data sets. Purchase data and more.
When tested on a sample of financial data sets consisting of table-based data, Parsel demonstrated greater accuracy and fewer output errors than any other IDP or data mining tool currently on the market.
Commenting on the launch of Parsel 2.0, Daniel Vliegenthart, Chief Technical Officer at Parsel.ai said:
“Our team has spent over 18 months of research and development to improve the Parsel extraction algorithm. With this new release, accuracy has improved further when tested against our broadest and most challenging test data set. This release reinforces Parsel’s superiority in field extraction for tables and models compared to our competitors.”
Tellimer Group CEO Duncan Wales said:
“We built Parsel for ourselves to speed up our corporate and credit analysis, and decided it would be a good idea to share it with our clients. We know firsthand how difficult it is to define and convey terms, items, data, metrics, financial reports and forecasts from financial documents, and we want to simplify them for the entire market as much as possible. Having built it to levels of financial scrutiny, we also anticipate that it will be a powerful tool for enterprise clients in a number of industries, where the need for secure and accurate digitization is accelerating. “
Parsel users can take advantage of this market-leading accuracy and processing speed to efficiently extract and process any tabular data and form fields, and export them as ready-to-use Excel, JSON, CSV or text files. Parsel can be accessed via the easy-to-use web app on Parsel.ai or integrated directly into existing workflows via a customizable API.
Originally built by Tellimer’s own team of data scientists and engineers to improve in-house credit and financial analysis, Parsel is a fintech product owned by Tellimer Technologies, the team responsible for Tellimer Insights’ market-leading investment research platform launched in 2020, and a content creation tool Scriber, launched in early 2022.