Harbr Enhances OCR Technology and Natural Language Processing Models for Business Financing Applications.
Harbr, a leading provider of secured finance solutions, has recently announced the opening of its Sandbox and the acceptance of new beta testers to its platform. The company is concentrating on enhancing its OCR (Optical Character Recognition) technology and natural language processing models to improve its suite of services for business financing applications. This focus is applied in the context of real-world piloting use cases and the development of proposed products and technology for use in internal document data validation use cases, with an initial emphasis on invoice factoring, ABL (Asset-Based Lending), and supply chain finance.
OCR technology and natural language processing are two critical components of Harbr’s business operations. OCR technology is used to convert printed or handwritten text into digital formats that can be more easily read and analyzed by computers. Natural language processing, on the other hand, refers to the ability of computer systems to understand human language and respond accordingly.
By enhancing its OCR technology and natural language processing models, Harbr aims to improve the accuracy and efficiency of its document data validation process. This process is essential to the financing application process, as it involves verifying the authenticity and accuracy of different types of financial documents, including invoices, purchase orders, time records, organizational documents, and financial records, such as aging reports.
Harbr’s initial emphasis on invoice factoring and ABL is reflective of the company’s broader shift towards serving a more expansive secured finance use case. With this change, Harbr has expanded its target customer base to include those who offer financial products, with a particular initial focus on asset-based lending, invoice factoring, and supply chain financing.
Harbr’s concentration on enhancing its OCR technology and natural language processing models is a significant step towards improving its services and advancing its position as a leader in secured finance solutions. The increased accuracy and efficiency of its document data validation process will benefit both Harbr and its customers, enabling the company to provide a more streamlined and effective financing application process.
