Niyogin has announced the acquisition of Superscan, an AI-powered document imaging, automation and fraud detection platform, from Orbo.ai. The move signifies Niyogin’s commitment to become an AI-first neo-banking infrastructure leader. This strategic acquisition showcases Niyogin’s commitment to spearheading digital transformation and encouraging the adoption of cutting-edge technologies.
The proposed acquisition is in sync with Niyogin’s vision to reach the unbanked, digitise fragmented value chains and inject customer-centric automation into the global BFSI market. By acquiring “Superscan” from Orbo.ai, Niyogin pushes the brand towards a journey of innovation-driven growth.
Superscan’s core IPs allow for intelligent document processing, automation agents and fraud detection tools. It automates traditionally manual processes to boost efficiency and accuracy. Its AI-driven Optical Character Recognition (OCR) technology operates entirely on the device, eliminating the need for heavy-duty Graphics Processing Units (GPUs). This not only streamlines processing, but also boasts an impressive accuracy rate exceeding 90 per cent for data extraction.
Additionally, with its features like On-Device Spoof Proofing for facial recognition and AI Object Removal, it automates repetitive tasks and saves businesses time with a near-80 per cent reduction in document processing costs. Where Superscan stands apart from the existing AI companies to deliver AI on devices, Edge computing will become the driving force behind everything Superscan does.
Tashwinder Singh, MD and CEO, Niyogin, said, “We are thrilled to further our relationship with Superscan, a fintech platform of Orbo.ai. While Superscan will help streamline our internal processes, the real opportunity lies in creating AI-based assisted and unassisted tools for our partners. This opens up a number of possibilities, empowering a network of players enabling faster onboarding, seamless document verification and robust fraud protection – all accessible through an AI-powered umbrella.”
To acquire the AI platform, ‘Superscan” Niyogin formed a wholly-owned subsidiary named “Niyogin AI Private” which was further approved by the Central Registration Centre and Ministry of Corporate Affairs, showcasing Niyogin’s commitment towards digital transformation.
“The opportunity to house the ‘Superscan” platform with an established player like Niyogin gives us the confidence to deliver the impact that we believe our technology solutions can deliver,” said Manoj Shinde, Founder and CEO, Orbo.ai.
