GLIB AI, a leader in artificial intelligence and document automation, has introduced FinRay 2.0, a powerful solution that automates the extraction, validation, and analysis of financial statements. This new tool aims to turn unstructured data into actionable insights, reducing the manual workload for organizations and enhancing operational accuracy.
Founded in 2013 by Genesis Artificial Intelligence Pvt Ltd., GLIB AI has developed a suite of tools to address complex document processing needs across sectors, including banking, manufacturing, retail, FMCG, and hospitality. A strategic partnership with Cygnet Infotech in 2022 has allowed GLIB to broaden its reach, delivering solutions like FinRay to clients in the US, India, UAE, and Africa.
In financial workflows, managing diverse document formats and ensuring data consistency often requires extensive manual intervention. Financial statements, in particular, demand precise data extraction, standardization, and analysis, usually involving hours of manual labor. FinRay 2.0 aims to change this by providing tools that automatically locate critical sections of financial statements—such as balance sheets, income statements, and cash flow reports—and automate data extraction and contextual analysis. FinRay handles various formats, including scanned PDFs and images, which leads to faster processing times and improved data consistency.
FinRay 2.0 offers several advanced features designed to streamline financial document handling. Its intelligent table extraction recognizes and accurately collects data from complex tables across different layouts, regardless of document design variations. Automated notes linking connects supporting notes to main statements, making it easier for analysts to access comprehensive financial breakdowns. FinRay’s contextual mapping standardizes financial data across geographies, industries, and currencies, normalizing units and formats for uniform analysis. Additionally, real-time validation automatically checks balance sheets, income statements, and other documents, catching potential errors early on. To further simplify workflows, FinRay includes a centralized repository for taxonomy and glossary management, allowing financial institutions to maintain a unified data standard.
FinRay has already proven its impact across industries. A major US-based bank, which processes thousands of financial statements annually, reports a 65% reduction in document processing times after adopting FinRay. Another client, one of Africa’s largest banks, achieved rapid credit decision-making and reduced operational bottlenecks using FinRay’s automated capabilities.
GLIB AI offers more than FinRay under its Intelligent Document Processing suite, which also includes solutions for bank statements, tax returns, invoices, and KYC documents. These tools support a wide range of document-dependent tasks, including underwriting, risk assessment, and customer onboarding, making them valuable for industries beyond finance.
With its collaboration with Cygnet Infotech, GLIB AI plans to scale its technology offerings and integrate FinRay’s capabilities into larger enterprise systems. As GLIB continues to evolve its technology, the company remains committed to enhancing operational efficiency across sectors, reducing human error, and improving decision-making accuracy.
FinRay 2.0 represents GLIB AI’s dedication to simplifying complex financial workflows, allowing businesses to focus more on decision-making than data entry. Through AI-driven solutions like FinRay, GLIB AI is leading the way towards an era of intelligent document processing, providing both efficiency and accuracy for financial services worldwide.