HAYWARD, Calif. – Ripcord, which uses robotics to digitize document scanning, today announced its plans to expand into Japan as a first step into international expansion. By taking paper documents and digitizing them through an AI-powered system, the company aims to “digitally transform and rely less on paper over time,” it said in a statement.
MUFG Bank, Japan’s largest bank, has enlisted Ripcord’s Robotic services to digitize critical and sensitive documents at a high resolution, and funnel the data into their data platform, which then feeds into all of the bank’s branches. The company said “everything will be automated and digitally transformed.”
“Ripcord is excited to further our global expansion into Japan while working with Japan’s largest and most respected bank, MUFG Bank,” said Alex Fielding, the CEO of Ripcord. “Organizations throughout Japan are looking for ways to digitize content and gain greater efficiencies in their business processes. This partnership will provide us with a strategic foothold to expand further into the country as a whole.”
The multi-year contract has Ripcord digitizing the bank’s hundreds of millions of sheets of paper that are currently kept in a central location, not readily accessible to branch locations. Ripcord said it will improve on a legacy system by making the digital documents immediately accessible by all the branches, reducing the time required to retrieve customer information.
Ripcord said on the strength of the partnership, it plans to expand throughout Japan, with its operation center there being able to make it a “highly credible player in the digital transformation space.”
Based in California, Ripcord has raised $65 million from investors, and aims to transform the $62 billion records management, RPA, MPS and ECM space through robots that scan, index and categorize paper records, making them searchable in the cloud and integrated into existing enterprise systems.