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Icertis Brings Generative AI to Enterprise Contracting with Delivery of First Contract Intelligence Copilots

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Global leaders pioneer secure use of generative AI in contracting through Icertis ExploreAI Early Adopter Program  

BELLEVUE, Wash., July 31, 2023 /PRNewswire/ — Icertis has delivered Icertis Contract Intelligence (ICI) Copilots, the first generative AI applications for enterprise contract management. Built on Icertis ExploreAI™ Service, ICI Interactive Insights Copilot and ICI Risk Assessment Copilot enable executives, legal teams, and business users alike to responsibly harness the transformational power of generative AI to turn their commercial agreements into interactive assets that achieve a step-change in contract efficiency and insights. Backed by the security and trust of Microsoft Azure, ICI Copilots leverage Azure OpenAI Service and Icertis proprietary AI models with the rich data from a company’s contracts, its enterprise systems, and the Icertis Data Lake to accelerate the pace of business, galvanize profits, and safeguard enterprises from risk.

Icertis customers include 30 percent of the Fortune 100 and global leaders such as Accenture, Best Buy, Humana, Johnson & Johnson, Mercedes-Benz, and Microsoft. Select customers engaged as early adopters of Icertis ExploreAI Service, catalyzing the launch of both ICI Copilots and a development roadmap of unmatched generative AI capabilities designed to address contracting challenges for the world’s largest enterprises.      

“Contracts are a massive untapped opportunity for the application of large language models because they are universal across industries, geographies, and businesses of all sizes, and imperative to any and all commerce as we know it,” said Samir Bodas, Co-founder and CEO of Icertis. “Icertis has delivered the first generative AI Copilots in the market to lead the next era of transformation in enterprise contracting, balancing innovation with the trust and responsibility that comes with recognizing that regardless of industry – contracts are one of the most confidential and valuable assets in an enterprise.”

The first two ICI Copilots are:

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  • ICI Interactive Insights Copilot
    ICI Interactive Insights Copilot enables decision-makers to easily engage with contracts and rapidly uncover insights via pre-defined, hierarchical prompts as well as free-form prompts that highlight key provisions and identify related contract information. With role-based summaries created through a unique combination of secure data sources, including the company’s contract portfolio, integrated business systems, and the Icertis Data Lake, leaders are equipped to increase the speed and effectiveness of negotiations while instantly gaining answers to critical questions about the business.
  • ICI Risk Assessment Copilot
    Risk Assessment Copilot automates and accelerates high-volume contract reviews by comparing contract attributes with a company’s standard playbook and practices, enabling enterprises to more effectively manage risk by ensuring required clauses and approved language are present in every agreement. In addition to providing a risk score, guided prompts allow legal teams to quickly identify and address missing or noncompliant attributes, while also eliminating time-consuming, error-prone processes by earmarking agreements that do not require further review.

“I am delighted for the BCG Legal Team to test Icertis ExploreAI Service and ICI Copilots as part of the Early Adopter program,” said Ulrike Schwarz-Runer, Global General Counsel at Boston Consulting Group. “We aim to unlock deep data-driven insights in our contracts through an agile approach. It’s exciting to see the early results and we’re eagerly looking forward to continuing the journey to unlock value for our clients, firm, and lawyers.”

Icertis has a rich history of AI innovation and was the first to embed AI in contract lifecycle management to enable true contract intelligence and unlock the potential of AI in contracting. ICI Interactive Insights and ICI Risk Assessment Copilots signal the next transformative milestone in the company’s AI innovation journey as the first generative AI applications to join the Icertis AI portfolio, which also includes Icertis AI Studio, Icertis NegotiateAI, Icertis DiscoverAI, and Icertis VisualizeAI.

About Icertis

With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world’s most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their ten million+ contracts worth more than $1 trillion in 40+ languages and 90+ countries.

Media Contact
Michelle Rodriguez
Senior Manager, Corporate Communications
[email protected] 

Logo – https://mma.prnewswire.com/media/371539/Icertis_Logo.jpg

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Cision View original content:https://www.prnewswire.co.uk/news-releases/icertis-brings-generative-ai-to-enterprise-contracting-with-delivery-of-first-contract-intelligence-copilots-301888941.html

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Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University

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In an innovative effort to revolutionize digital financial education, a prominent digital currency provider has teamed up with a renowned university in Taiwan. This strategic collaboration aims to equip students with advanced knowledge and practical experience, preparing them for the future of finance.

Empowering Future Financial Professional

The partnership focuses on immersing students in the complex world of digital assets, blockchain technology, and cutting-edge financial instruments. Industry experts will offer invaluable insights and mentorship, enhancing students’ understanding and skills in this rapidly evolving field.

Curriculum Highlights:

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  • Blockchain Principles: Foundational knowledge of blockchain technology.
  • Critical Thinking: Developing analytical skills for problem-solving in digital finance.
  • Risk Assessment: Strategies for identifying and managing financial risks.
  • Legal Compliance: Understanding the regulatory landscape and compliance requirements.
  • Career Insights: Exploring potential career paths in the digital finance industry.

Commitment to Digital Economy Growth

This initiative underscores a commitment to fostering the digital economy’s growth by highlighting the stability of digital assets against traditional currencies. The newly introduced digital token combines traditional asset stability with blockchain security, offering a robust financial instrument for the future.

The digital currency provider has a long-standing history of promoting blockchain education and advocating for financial inclusivity. By facilitating cross-border transactions and investing in emerging markets, the organization continues to play a crucial role in shaping digital finance’s future.

Advancing Financial Literacy and Inclusivity

This collaborative effort represents a significant step towards democratizing financial literacy and empowering individuals worldwide to engage with the evolving digital currency landscape.

Additional Facts:

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  • Taiwan’s Blockchain Hub: Taiwan actively promotes itself as a hub for blockchain and digital currency innovation through various initiatives.
  • Research and Development: The partnership is expected to spur increased R&D activities in digital assets, benefiting both academia and industry.
  • Regulatory Exploration: Taiwan’s government is interested in exploring regulatory frameworks for digital currencies and blockchain technology, creating a supportive environment for such collaborations.

Key Questions Addressed

  1. Impact on Adoption: How will the collaboration between the digital currency provider and the university impact the adoption of digital currencies in Taiwan?
  2. Skills and Knowledge: What specific skills and knowledge will students gain from the curriculum focusing on blockchain technology and digital assets?
  3. Regulatory Compliance: How does the initiative address potential regulatory challenges and compliance issues in the digital currency space?

Advantages and Disadvantages

Advantages:

  • Enhanced Education: Offering students unique educational opportunities in digital finance and blockchain technology.
  • Industry-Academia Bridge: Providing hands-on experience and mentorship to bridge the gap between academia and industry.
  • Economic Growth: Contributing to the growth and development of the digital economy in Taiwan and beyond.

Disadvantages:

  • Curriculum Updates: Potential challenges in keeping the curriculum up-to-date with the rapidly evolving digital currency landscape.
  • Practical Exposure: Ensuring students receive practical, real-world experience to complement theoretical knowledge.
  • Regulatory Balance: Balancing the promotion of digital currencies with the need for regulatory compliance and risk management.

The collaboration between the digital currency provider and the Taiwanese university marks a significant milestone in digital financial education. By integrating industry expertise with academic rigor, this partnership aims to nurture the next generation of financial professionals and foster the growth of the digital economy.

Source: smartphonemagazine.com

The post Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University appeared first on HIPTHER Alerts.

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Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator

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In a recent court appeal, Binance argued that it does not specifically target Canadian customers, claiming its activity in Canada is merely a byproduct of its international operations, according to a June 19 report by the Canadian Press. The exchange revealed that although it had previously attempted to establish a Canadian presence, these plans were abandoned. By May 2023, Binance had fully exited the Canadian market, citing new regulations on stablecoins and investor restrictions that made continued operations unfeasible. Despite its departure, Binance acknowledged the sentimental value of Canada, being the home country of its founder.

In May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $4.3 million fine on Binance for non-compliance with anti-money laundering (AML) and terrorist financing rules. FINTRAC claimed that between June 2021 and July 2023, Binance failed to report over 5,000 transactions of $10,000 or more. Additionally, despite having multiple opportunities, Binance failed to register as a money services business within the deadlines set by the regulator.

Beyond its issues in Canada, Binance is facing a multitude of legal challenges globally. In April, a class-action lawsuit was filed against the exchange in Canada, accusing it of violating securities laws. The plaintiffs allege that Binance sold crypto derivative products to everyday investors without proper registration, breaching Ontario’s Securities Act and federal regulations. This lawsuit, representing tens of thousands of Canadian investors, seeks compensation and the reversal of unauthorized trades.

Globally, Binance has also faced significant financial penalties. In November, the exchange settled with US authorities, agreeing to a $4 billion fine for violations of anti-money laundering and sanctions laws. Similarly, the Indian Financial Intelligence Unit imposed a $2.24 million fine, the largest ever against a crypto entity in the country, for failing to comply with AML regulations.

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Binance’s regulatory and legal troubles illustrate the significant challenges faced by cryptocurrency exchanges operating across multiple jurisdictions. While the exchange continues to navigate these complexities, its ability to comply with global regulatory standards and address legal disputes will be critical to its long-term viability and reputation in the market.

Source: cryptonews.com

The post Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator appeared first on HIPTHER Alerts.

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Binance.US Dealt Another Blow: North Dakota Revokes License

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Following the lead of states like Florida, Alaska, Oregon, Maine, and North Carolina, North Dakota has moved to block Binance.US from regaining its money transmitter license. This decision by the North Dakota Department of Financial Institutions (DFI) is grounded in a November 2023 guilty plea by Binance founder Changpeng Zhao on anti-money laundering charges, further questioning the exchange’s suitability for operation.

Protecting Public Interest

DFI Commissioner Lise Kruse emphasized the need to protect the public interest in her statement: “The Commissioner finds the Respondent does not continue to meet the qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license.” This decision adds North Dakota to the growing list of states placing Binance.US in regulatory “penalty boxes.”

Global Troubles and US Regulatory Concerns

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The regulatory issues faced by Binance.US in the United States reflect broader global challenges. For instance, a recent regulatory conflict in Nigeria, which resulted in the detention of a Binance executive, raises additional concerns for US regulators, complicating Binance.US’s situation further.

Impact and Outlook for Binance.US

Currently, Binance.US is unable to onboard new users in several regions and is entirely inaccessible in over 10 states. The exchange has until July 17, 2024, to challenge North Dakota’s decision. However, the outlook remains uncertain, given the mounting restrictions and regulatory pressures.

The relatively short prison sentence for Zhao might suggest a potential course correction within Binance. By prioritizing user safety and adhering strictly to US regulations, Binance.US could potentially regain some lost ground. The exchange’s future hinges on its ability to address regulatory compliance issues effectively.

The Broader Implications

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This regulatory crackdown highlights the evolving landscape of cryptocurrency regulation. While the innovative potential of cryptocurrencies is significant, exchanges must operate within established regulatory frameworks to maintain trust and stability in the market. Binance.US’s struggle will be closely watched by the entire cryptocurrency industry, serving as a cautionary tale for exchanges that prioritize growth over compliance.

Source: bitcoinist.com

The post Binance.US Dealt Another Blow: North Dakota Revokes License appeared first on HIPTHER Alerts.

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