Ripcord takes its first step into international expansion by teaming up with Japan’s largest bank to evolve transactions in personal banking
HAYWARD, Calif.–(BUSINESS WIRE)–Ripcord, the world’s first robotic digitization company dedicated to creating a truly paperless world, today is announcing its commitment to expand into Japan as part of a first step into international expansion. Ripcord has identified a commitment throughout Japan to digitally transform and rely less on paper over time, and, by taking paper documents, digitizing them, using AI powered entity extraction, and making them available to the customer, it is positioned as the perfect solution for this evolution.
MUFG Bank, the largest bank in Japan, has enlisted Ripcord’s Robotic services to digitize critical and sensitive documents at a high resolution, and funnel that data into their data platform which can feed into all the bank’s branches. Everything will be automated and digitally transformed.
With a multi-year contract, Ripcord’s technology will digitize MUFG Bank’s documents MUFG Bank has hundreds of millions of sheets of paper kept in a central location that isn’t readily accessible to branch locations. With MUFG Bank’s decision to use Ripcord technology to digitally transform these documents and processes, it will improve on a legacy system by making the digital documents immediately accessible by all the branches materially reducing the time required to retrieve customer information.
MUFG Bank will utilize Ripcord’s robots and artificial intelligence platform in Japan to enhance its data, making it more efficient and powerful while fully integrated within their big data platform.
This is an iconic partnership between the leader in Japanese banking and innovative new technologies from Silicon Valley in order to help MUFG Bank enhance its digital transformation efforts.
Landing in the third largest economy in the world
On the strength of this partnership, Ripcord will expand throughout Japan. The operations center will establish Ripcord’s beachhead in the Japan market with MUFG Bank as its first customer in the region making it a highly credible player in the digital transformation space.
“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, 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.”
About MUFG Bank
MUFG Bank, Ltd. is Japan’s premier bank, with a global network spanning around 50 countries. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide. MUFG Bank’s parent, Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 locations in more than 50 countries. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.
For more information about MUFG Bank, visit https://www.mufg.jp/english.
Ripcord is transforming 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. Ripcord is based in California. and has raised $65 million from leading investors including Kleiner Perkins, Google Ventures, Baidu, Lux Capital, Silicon Valley Bank, Steve Wozniak, Legend Star, and Icon Ventures.
For more information about RIPCORD, visit www.ripcord.com