New partnership between Ephesoft and JIFFY.ai will focus on cloud, low-code technology solution to accelerate loan and mortgage document processing
IRVINE, Calif. – Dec. 16, 2020 – Ephesoft, Inc., a leader in intelligent document processing automation and data enrichment solutions, and JIFFY.ai, a fast-growing leader in enterprise-grade automation technology, have announced a formalized, strategic partnership. This alliance will provide a premiere AI-based, cloud-native, low-code HyperApp solution for the mortgage and financial services industries. The companies’ combined capabilities will accelerate the end-to-end automation of complex mortgage origination and loan processing by integrating intelligent capture, machine learning, Robotic Process Automation (RPA) and cognitive processing technologies into a single, unified solution. The joint intelligent automation solution will enable mortgage service providers to implement the technology quickly, streamline workflows and increase overall productivity.
Ephesoft and JIFFY.ai built their alliance due to the severe need for improved intelligent automation in the mortgage industry. In the second quarter of 2020 alone, nearly $1.1 trillion in first lien mortgages were originated. However, even with this massive surge in volume, lender operations executives have relied heavily on staffing overtime and only 8% have turned to rely on technology. The reason for this lack of reliance on technology is due to the burdensome nature of the mortgage loan process for all stakeholders, as well as the length of time technology implementations typically require. To overcome these challenges, JIFFY.ai and Ephesoft will tackle the barriers to rapid automation adoption and success by delivering the industry’s first Mortgage Loan Processing HyperApp.
The power of the partnership lies in the integration of JIFFY.ai’s HyperApp automation software and the Ephesoft Transact intelligent capture platform. A HyperApp includes everything required to successfully automate complex business processes from end-to-end, including design, build, deploy, monitor and analyze. A HyperApp is self-contained, ready to deploy, and integrates easily into existing infrastructure. The Mortgage Processing HyperApp will encapsulate all the capabilities required to fully automate and dramatically accelerate the complete, end-to-end loan process for mortgage lenders.
“With the rise of intelligent automation and digital transformation requirements, enterprises are looking for easier, faster ways to solve business challenges,” said Ike Kavas founder and CEO at Ephesoft. “Accessible data is critical to customer insights, performance and sustainability. With a strong footprint in the mortgage and financial services industries, Ephesoft understands that the customer experience must be prioritized, and speed is essential. Having strong partners with a similar vision, like JIFFY.ai, will benefit the entire market.”
The entire process starts with intelligent data capture, classification and extraction capabilities. Then the built-in RPA layers and machine learning deliver automation, while priority queues, a rules engine and fully automated workflows manage all the business needs. Finally, a human-in-the-loop approval layer completes the processing cycle.
“Ultimately, our partnership will help customers move faster in a highly competitive financial services market – especially at a time when the industry is experiencing unprecedented volumes,” stated Babu Sivadasan, co-founder and CEO at JIFFY.ai. “Our HyperApps are at the cutting edge of enterprise-grade automation that organizations need today. The Mortgage Processing HyperApp is intelligent automation processing at its best. We’re incredibly excited about the opportunity it brings for true digital transformation in the mortgage industry.”
The companies predict the integration of their technologies will speed up the entire loan process overall, including up to 85% improvements to cycle times alone through the elimination of data entry mistakes and the reduction of multiple quality assurance reviews. In addition to the Mortgage Processing HyperApp, the new partnership intends to jointly bring intelligent automation solutions to market.