CTI Tax Solutions by IHS Markit Digitizes Tax Validation and Due Diligence Processes
November 15 2017 - 9:00AM
Business Wire
New optical character recognition and artificial intelligence
capabilities increase operational efficiency and reduce rekeying
errors
IHS Markit (Nasdaq: INFO), a world leader in critical
information, analytics and solutions, today announced the launch of
new optical character recognition (OCR) and artificial intelligence
(AI) functionality to digitize the tax validation and due diligence
process. The integration of these new capabilities is available
through CTI Tax Solutions’ Mandatory Document Due Diligence (MD3®)
and Common Reporting Standard (CRS) due diligence modules.
Firms can identify and extract data from tax form images,
scanned or handwritten, and automatically bulk upload the customer
data. Users benefit from digitizing the data points from multiple
tax forms including CRS self-certifications, Forms W-8, W-9, 8233
and KYC documentation. These new enhancements further aid the
complex validation and due diligence processes by reducing manual
rekeying, saving on costly time and resources. In addition, the use
of AI provides confidence that the information extracted is
accurate and up to date based on a designated rating.
“Globally, organizations are paper chasing handwritten tax
documentation and working to upload it into their systems,” said
William Sheridan, Executive Director at IHS Markit. “The disconnect
between manual entry and a fully automated process opens the door
to errors and inaccurate information. As tax reporting requirements
become more complex, the volume of data required will only
increase. By leveraging OCR and AI functionality, we are enabling
firms to transition into the digital age of due diligence.”
OCR technology utilizes AI such as natural language processing
(NLP) to match images with recognized text characters to transmit
data accurately for machine-readable files. This increases file
searchability and extraction of key data points, reducing the
number of follow-up questions needed in validation.
About IHS Markit
(www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical
information, analytics and solutions for the major industries and
markets that drive economies worldwide. The company delivers
next-generation information, analytics and solutions to customers
in business, finance and government, improving their operational
efficiency and providing deep insights that lead to well-informed,
confident decisions. IHS Markit has more than 50,000 key business
and government customers, including 85 percent of the Fortune
Global 500 and the world’s leading financial institutions.
Headquartered in London, IHS Markit is committed to sustainable,
profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd and/or
its affiliates. All other company and product names may be
trademarks of their respective owners © 2017 IHS Markit Ltd. All
rights reserved.
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IHS MarkitNicole Angerone-McLeod, +1
646-679-3195nicole.mcleod@ihsmarkit.comorPress Team+1
303-305-8021press@ihs.comFollow @IHS_News
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