Alliance Bank of Malaysia is using Irvine-based Ephesoft Inc’s software to help automate the financial institution’s document handling, the two companies said today.
Ephesoft’s Transact software bulk-scans supporting documents and recategorizes them digitally within the bank’s credit automation system, using machine-learning algorithms.
“Ephesoft’s machine learning-powered software enables Alliance Bank employees to accelerate tedious processes,” giving the institution a competitive advantage, Ephesoft founder and CEO Ike Kavas said in a statement.
Kavas told the Business Journal the Alliance Bank agreement for the software, which has already been implemented, will be a “multi-million deal over the next several years.”
Alliance Bank Malaysia Berhad is known for serving that country’s small and medium enterprises.
Kavas founded privately held Ephesoft in 2010 and the company had more than 160 employees as of October, with offices in Sydney, Singapore, London, Frankfurt, New Delhi, and Boise, Idaho in addition to Irvine. It has customers in more than 50 countries.