US-based software firm Ncontracts, which provides integrated risk, vendor and compliance management solutions, has launched a new AI-powered tool to ease up contract management.
Named Ntelligent Contracts Assistant, the new AI tool has been developed for financial institutions to help them extract “key” information from third-party vendor contracts and agreements and “reduce hours of arduous contract reviews into just minutes”.
With this, the company said financial institutions should be able to rank contracts according to risk and adherence to regulatory requirements, generate summaries of the key contract terms, create automatic alerts for important dates and search the contracts for provisions such as renewal dates and price rises.
“The Ntelligent Contracts Assistant is trained specifically in contract management and uses each customer’s unique data as context for responses that help with decision making,” explained Bill Simpson, chief product and technology officer at Ncontracts.
However, the new AI tool will only be available as an add-on to Nvendor, the company’s third-party risk management solution designed to guide financial institutions through every step of the vendor management lifecycle.
Founded in 2009 and headquartered in Brentwood, Tennessee, Ncontracts claimed its suite of cloud-based solutions is used by more than 4,000 financial institutions, fintechs and mortgage firms across the US.