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In a move to automate much of the task of analyzing merchant statements, Merchants United LLC said it will use nRoad Inc.’s platform, which analyzes unstructured data in an effort to extract useful information from it.
Charleston, S.C.-based Merchants United said the technology will help its bottom line because it will provide accurate information to share with merchants, “which historically has been a guessing game,” Dana Vosburgh, Merchants United chief executive, said in a statement. “nRoad brings that additional trust and credibility out of the gates, which helps close deals faster. We are looking forward to applying nRoad’s technology to the other documents we have to review periodically as well.”
Merchants United will use nRoad’s Merchant Analyzer API. This technology can examine bank and financial statements, service agreements, and merchant credit card processing statements. The Burlington, Mass.-company says this can help clients with new prospects and make the sales process leaner and quicker.
“Managing all the paper and related analysis is a primary point of friction for many organizations. Automating this primary area of friction allows for straight-through processing and a path for scaling,” Raphael Tremblay, nRoad vice president of sales, said in a statement.
nRoad said its artificial intelligence-based Convus platform lies at the root of its technology. The platform can accurately extract 90% of the data it analyzes, according to the company.
