SMBC CloudSign launches new “AI Contract Management Pro”

SMBC CloudSign (“SMBCCS”), a subsidiary of Sumitomo Mitsui Financial Group, has launched “AI Contract Management Pro,” an upgraded version of its “AI Contract Management” service developed jointly with Sumitomo Mitsui Banking Corporation.

“AI Contract Management Pro” enables automatic analysis and registration of all contract documents, thereby improving the accuracy of extracted contract information. This announcement coincides with SMBCCS reaching a milestone of over 10,000 companies adopting its AI Contract Management service.

Overview and Status of “AI Contract Management”

“AI Contract Management” automatically extracts and registers contract information from contracts concluded through the cloud-based electronic contract service “SMBC CloudSign.” This feature has been utilized by many companies as it significantly improves the efficiency of contract management, searchability, and visualization. As of March 2024, the service has been adopted by over 10,000 companies, making it one of the leading contract management services in Japan.

About “AI Contract Management Pro”

While the existing “AI Contract Management” has been widely used by many companies to improve efficiency and organization of contract management, this new “AI Contract Management Pro” improves the accuracy of extracting contract information.

This has been achieved by allowing clients to submit their contract templates and configure extraction logic accordingly, ensuring specific contract information can be accurately extracted and uploaded to SMBC CloudSign. Furthermore, while the previous version supported 12 specific contract types, this new functionality is compatible with any type of contract.

This not only supports the revised Electronic Bookkeeping Law which came into effect in January 2024, but also further improves the efficiency of contract management. For interested customers, please contact SMBCCS.

SMBCCS is committed to developing and providing lifecycle management services for contracts, including updates to its “AI Contract Management” feature.

Service Overview

• Content: A service that automatically extracts and registers contract information from contracts concluded and imported through “SMBC CloudSign.” The Pro version allows customized extraction logic based on client-specific contract templates.
• Launch Date: August 8, 2024
• Target Users: Customers using the cloud-based electronic contract service “SMBC CloudSign” provided by SMBCCS.
• Target Contract Types: “AI Contract Management Pro”: supports all contract types; “AI Contract Management”: supports 12 contract types (including Non-Disclosure Agreements, Service Agreements, Employment Agreements, Temporary Staffing Agreements, Lease Agreements, Outsourcing Agreements, Purchase Orders, Order Forms, Delivery Notes, Invoices, and Bills).
• Fee Structure: “AI Contract Management Pro”: paid service; “AI Contract Management”: free

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