LPA, the capital markets software and advisory firm, today announced that it had enhanced its Contract Navigator solution offering through a partnership with OpenRisk Technologies Inc. (“OpenRisk”), a US-based pioneer in the field of transforming next-generation business solutions. The partnership will see LPA integrate OpenRisk micro-services into its new financial markets solution offering, Contract Navigator.
Contract Navigator is a modular solution for financial institutions to improve the efficiency of a broad range of financial market agreements throughout their entire life cycle. The solution offers deal transparency through a high-impact digital interface, with its ultimate objective being the discontinuation of paper documents in Capital and Debt Markets.
The OpenRisk platform complements Contract Navigator, introducing computer vision, semantic web, state-of-the-art natural language processing, and machine learning algorithms for significant increase in productivity and efficiencies. Focused on the domain-specific context of data, OpenRisk platform transforms legal language and tabular data into readily usable facts, rules, and executable mathematical expressions.
As an integral part of Contract Navigator, OpenRisk micro-services will be used to digitize legal contracts in the financial markets, namely trading agreements such as ISDA/ CSA, syndicated lending agreements, credit agreements, term sheets, funding requests and agent notices. These micro-services will extract all relevant contract data fields and feed the Contract Navigator solution case files, offering a centralized, searchable contract repository. Furthermore, the micro-services will harvest the agreements to feed the Contract Navigator sophisticated clause library.
Contract Navigator will also be integrated with OpenRisk business applications such as Covenant Management via API. Covenant Management applications can be used to effectively extract, calendar, track, monitor, and manage covenants to bridge the gap between contractual obligations or intents, and operational outcomes.
“There is no other solution in the market that competes with Contract Navigator and provides such a comprehensive and flexible solution for banks’ digitization needs, both current now and in the future,” said Keith O'Brien, Chief Commercial Officer at LPA. “At LPA, our goal is to help clients defy old processes and deploy innovation that places them at the forefront of the industry – and Contract Navigator has been developed with this in mind.”
He continued: “The OpenRisk extraction capabilities are unique, and we have not seen another provider with such a powerful table extraction. We decided to partner with OpenRisk as an integral part of our new Contract Navigator solution and leverage their sophisticated technology. We are building one single solution for centralized end-to-end business processes around financial markets agreements. Going forward, we will now be able to help clients in a myriad of different areas, including ESG and sustainable finance initiatives, corporate policy validation and distributed ledger technology solutions.”
“We are delighted to partner with LPA as a prominent financial markets software solution and advisory partner,” commented Narasimha Kodihalli, Founder and CEO of OpenRisk. “We are pleased to power Contract Navigator with our services, helping to offer a full 360-degree solution from document extraction to document creation for syndicated loans and trading agreements. With this partnership, we will now be able to expand into new territories like Europe and the UK and bring our innovative technology to the widest possible audience.”
Michael Gouverneur, Sales Director at LPA, said: “Through this partnership with OpenRisk, we are integrating best-in-class AI and machine learning to help our clients with the digitization of contract data into a contract repository. With Contract Navigator, we can now offer advanced analytics, fully automated loan booking, data integration with REST APIs, a clause library to ease and speed up the negotiation and generation of trading agreements or any other type of financial markets documents. We look forward to bringing this product to market and putting it in front of our clients, to show them the power of the highly configurable workflows it offers.”
