IHS Markit Unveils OCR and AI for Tax Validation

Optical Character Recognition will take information from tax documents so manual re-keying can be eliminated.

IHS Markit's added functionality is aimed at making the tax validation and due diligence process more streamlined.

IHS Markit has launched optical character recognition (OCR) and AI functionality on two of its tax products, the Compliance Technologies International (CTI) Tax Solution Mandatory Document Due Diligence, or MD3, and Common Reporting Standard modules. It will scrape data from tax documents including Forms W-8, W-9, 8233 and know-your-customer (KYC) data.

William Sheridan, executive director, consulting and advisory for CTI Tax Solutions at IHS Markit, says the tools are geared toward ensuring

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