BPAY has launched Sypht and Lodge onto the market, which will tackle artificial intelligence to unlock data and property management, respectively.
Sypht is to be run by newly appointed CEO Warren Billington and the company will use machine learning and artificial intelligence to help business unlock data.
Mr Billington said that there is a need in businesses to capture unstructured data and 30,000 CFO’s believe capturing data from invoices alone could increase productivity form their workplaces.
“Organisations that analyse relevant data and make it actionable will have a significant advantage in terms of productivity. This is really what Sypht is looking to attack,” he said.
Mr Billington said that Sypht works by extracting and interpreting unstructured data within documents and then translate it to useable information for the companies.
“What we are able to do with the Sypht platform is identify those key fields and interpret and extract that data and then make that available. It's providing much more streamlined, real-time customer experience,” he said.
The platform also has an element for human validation to allow companies to control if, when and how the extracted data is validated, said Mr Billington.
“What Sypht can do is help businesses reduce costs, reduce risk and generate revenue growth,” Mr Billington said.
BPAY Group CEO John Banfield welcomed the two new businesses and said that BPAY was now ready to expand beyond payments.
“Through Sypht and Lodge, in addition to Osko, I’m pleased to confirm BPAY Group is well and truly open for business,” he said.
Mr Banfield said that Osko had proven to be a huge success for BPAY and had just passed the $20 billion mark in transactions.
“At the end of August we have processed 25 million transactions worth over $19 billion through Osko, and we are really excited about it being available in over 40 million consumer and business accounts,” he said.
Mr Banfield said BPAY group was ready to lead innovation in the financial industry and Sypht and Lodge were just the start of that.
“BPAY Group is uniquely positioned to lead innovations for Australians from within the heart of the financial system. We welcome other organisations to collaborate with us for the betterment of Australians, through partnerships that can tap into our resources, people and unique position,” he said.