Bloomberg Law
June 24, 2015, 10:23 PM UTC

Recommind, Deloitte to Organize Banks’ Data

Gabe Friedman
Freelancer

Recommind announced on Wednesday that it has introduced a new tool, to be managed by Deloitte, that can organize and extract data from complex over-the-counter derivative legal agreements.

The new product, called the Perceptiv Derivatives Contract Analysis, utilizes the company’s machine learning technology to sift through the OTC agreements, identify key data points, such as termination points, bankruptcy contingencies and various others, and classify each agreement based on the language used.

Until now, most banks have been looking for this data “manually,” according to Mike Lines, who is heading the project for Recommind.

Lines argued that Recommind’s automated software would make the process of taking data out of OTC contracts more accurate ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.