Confluence unveils Unity Rex for financial reporting
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Confluence unveils Unity Rex for financial reporting 30 June 2023US Reporter: Klea Neza
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Confluence has launched the first product from its innovation lab that leverages AI technology, aiming to solve industry dilemmas.
Confluence innovation lab applies large language models to solve reconciliation challenges from the U.S Securities and Exchange Commission’s (SEC’s) tailored shareholder reports (TSR).
The new tool, Confluence Unity Rex, aims to mine and pinpoint discrepancies in language and numeric information between financial reports and the TSR.
Confluence says the introduction of the tool should increase efficiency and create cost savings in the reconciliation process.
Chris Evans, chief technology officer at Confluence, comments: “Confluence has a long history of solving complex challenges for the investment management industry. Our innovation lab was established to explore use cases for AI and other innovative technologies that deliver real value for our clients.
“We have several applications in development, including natural language query access to complex datasets, automated data quality assurance and intelligent task automation, and we’ll introduce them to the market in the near future.”
Todd Moyer, president and chief operating officer at Confluence, says: “This is a breakthrough for fund administrators and asset managers who need an answer to increasing compliance complexity and the data reconciliation challenges posed by the TSR.
He adds: “With Rex, we give our clients the ability to use innovative AI technology to lower costs, reduce complexity and rapidly speed up shareholder report reconciliation.”
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