UAB Hyarchis Baltic is implementing a project co-financed by the European Union - Hyarchis
bc career

UAB Hyarchis Baltic is implementing a project co-financed by the European Union

published 2021-08-10

UAB Hyarchis Baltic is currently implementing a project funded by the European Union, called “Development of Automated Data Personalization Using Artificial Intelligence” (hereinafter – the project). The company is a subsidiary of the Dutch company VDD IQware B.V. (Hyarchis Content Services), a company working under the Hyarchis brand. VDD IQware B.V. offers solutions for digital business, online collaboration, document management and customer communication.

Many companies and organizations still face major challenges in ensuring that their historical archives comply with the requirements of the General Data Protection Regulation (GDPR). One year after the GDPR came into force, as many as 79% of the companies surveyed indicate that they are encountering difficulties in implementing the requirements of the GDPR. One of the main causes of the difficulty is that most of the personal data contained in archives is in files, which cannot be accessed using existing technology. Companies with a large number of scanned documents, such as passports, pay slips, pension and loan reports, usually keep these files as scanned originals. This means that while this information is stored in the archive of the organization, there is no software that allows them to access and remove personal data automatically and on a large scale.

To address the identified market issues, Hyarchis Baltic, UAB, has initiated a project to develop a solution for anonymisation / artificialization of data using artificial intelligence that will fully remove sensitive personal data from different types of documents in large-scale archives. The project will include research to develop and validate the concept of an automated data anisation system in a laboratory environment and experimental development to create and demonstrate a prototype automated data anisation system in real-world operation. The result of the project is the development and launch of a new product (within one year of the end of the project) at the market level for GDPR Compliance Solutions in the European Union, which introduces a whole new approach to document management in the GDPR regulatory context. The product being developed, unlike the alternatives available on the market, will provide fully automated large-scale processing of archive data via an artificial neural network and be applicable to a wide range of industries and an unlimited number of document types.

This project is co-financed by the European Regional Development Fund under Priority 1 “Promotion of research, experimental development and innovation”, Priority 1 “Promotion of Research, Development and Innovation”. 01.2.1-LVPA-T-848 Feature SMART FDI.

The total value of the project is 1 632 510,49 EUR, of which 1 030 497,53 EUR is from the European Union subsidy and 602 012,96 EUR from the company ‘s own contribution. Project activities started on the 23rd of December, 2019 and will be completed on the 23rd of December, 2021.

More interesting posts

Hoe optimaliseert Regtech Customer Due Diligence (CDDKYC)

CDD guidelines are a fundamental part of the risk management procedures that financial institutions must implement to meet the requirements of the law. In 1977, the Sanctions Act came into...

Read more
Hyarchis new CEO is sitting with new investors.

Dutch Fintech Hyarchis has brought new investors on board to accelerate its planned growth. As of 1 November, Hyarchis is owned by six successful software entrepreneurs who will further expand...

Read more
From Big Data to Good Data Cover

Big Data has become a buzzword in recent years, prevalent in all industries. Whether it's mortgage advice or real estate valuations, Big Data is expected to radically shake up traditional...

Read more

Stay in the know with our newsletter

Request a demo

Please enter your first name
Please enter your last name
Wrong E-mail address
Please enter company name
What are you interested in?
Please select atleast one interest
Regtech & Compliance
Operational Efficiency
Document Management
Please enter the message
In order to send message you have to accept our terms and conditions

By submitting this form, you confirm that you agree to the processing of your personal data by Hyarchis as described in the privacy policy.

Please verify that you are a human
Submit