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AI Startup nRoad Joins Hands With Merchants United For Automation Of Merchant Statements

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Boston area-based AI startup nRoad has announced a partnership with Merchants United, a business merchant services and enterprise solutions for payments company. In a move that will vastly improve the way payment processing and lending companies analyze merchants, nRoad and Merchants United have combined efforts to automate the analysis of merchant prospecting and credit risk by extracting and analyzing information from merchant related documents, including merchant statements.

nRoad applies patent pending technology to automatically process unstructured data while generating structured variables and insights required for vital business functions. The company’s AI-powered Convus platform abstracts and incorporates unstructured data and documents into vital business functions. Corvus, which is said to be 2.8 seconds faster than popular cloud solutions, has a 90 percent extraction accuracy and, to date, has extracted over ten million domain-specific terms.

The company’s Merchant Analyzer is an API-based solution designed to address the inherent challenges that exist to expeditiously analyze various merchant documents, such as bank and financial statements, service agreements, and most importantly merchant credit card processing statements that enable efficient merchant onboarding.

Through nRoad’s Merchant Analyzer API, Merchants United can now fully automate the analysis of merchant documents. This will not only provide new prospects with a faster and leaner sales process, but would unlock the capability for Merchants United to sustainably scale far beyond their normal boundaries.

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