Ocrolus is a broad-based document processing software for financial service providers like accountants, auditors, banks, consultants etc.
It competes with other general purpose document processing software like - Hyperscience, Scale AI, Instabase, Kofax.
It uses a mix of AI OCR and human operators to perform document sorting and data extraction.
Ocrolus is a general purpose document processing OCR software for the financial industry at large.
Whereas, Vaultedge is a purpose-built mortgage document automation platform specifically for mortgage lenders and servicers.
Ocrolus uses a mix of OCR and human operators to classify documents and extract data. However, it is unclear as to - how much is processed by machine and how much by humans.
Whereas, Vaultedge uses proprietary machine learning models & natural language processing to interpret a wide range of documents & data as a human would. This means Vaultedge automation can process 95% - 98% documents - without any human intervention.
Both Ocrolus & Vaultedge can provide more than 99% accuracy.
Ocrolus does not publicly disclose its implementation time.
With Ocrolus API, users can instrument Ocrolus document management system with their LOS or POS. However, it requires significant developer bandwidth.
On the other hand, Vaultedge can be implemented and used in production in just days. Our dedicated account teams ensure a seamless implementation experience.
To use Ocrolus, one needs to go through the extensive user guides to get hands on with the software.
On the other hand, Vaultedge offers a simpler interface that is optimized for the mortgage industry - that lets users get started without undergoing extensive training sessions.
As Ocrolus is a general purpose document management software, it comes pre-configured with only 100+ document types for the mortgage industry.
On the other hand, Vaultedge automatically classifies 500+ mortgage document types and extracts 2000+ fields with an accuracy of more than 99% from a mortgage package.
Ocrolus offers Encompass integration for lenders only. However, it does not offer integrations with servicing software.
Vaultedge can integrate seamlessly with a wide range of LOS and servicing software - Ellie Mae Encompass, Black Knight Empower, Wipro NetOxygen, Black Knight MSP etc.
Both Vaultedge & Ocrolus have a similar pricing: one time set up fees of $15,000 & usage cost of $15 per loan file processed.