IRS Taps Ripcord to Digitize Archived Tax Filings in Tech Pilot Program
Ripcord poised to accelerate a new era of digitization and paperless information access.
Hayward, California — April 5, 2022 — Ripcord, the company revolutionizing the Intelligent Document Processing market, has advanced to the second phase of the new Pilot IRS Solution Challenge. In collaboration with the Enterprise Digitalization and Case Management Office (EDCMO), the Pilot IRS Solution Challenge is improving the IRS’s use of data to reduce manual processes and reliance on paper.
Ripcord has advanced into phase two where it will complete a six-month program to securely digitize tax Form 709, which reports transfers of assets that may be subject to federal gift tax and certain generation-skipping transfer taxes.
Ripcord’s intelligent document digitization technology has helped to advance and digitize countless other businesses. Results include shortening claims processing times from 21 days down to just 48 hours, accelerating customer service response from two weeks to 72 hours, boosting data accuracy by almost 50%, and saving millions of dollars a year by eliminating storage facilities for paperwork and reducing the mundane manual work associated with handling documents.
The new pilot program will benefit the IRS through more efficient access to digitized records and related metadata and improve security and data privacy. The Pilot IRS Solution Challenge supports the IRS Digitalization Strategy goals to:
- Reduce paper volume
- Increase access to digital data
- Prepare the IRS to manage digital data
Ripcord is a Silicon Valley-based company disrupting the $62 billion document intelligence space with its cutting-edge Document Intelligence as-a-Service platform. Using advanced robotics and AI, Ripcord digitizes, ingests, classifies, and intelligently extracts and abstracts data from paper and digital records, making them accessible and actionable to enterprise users. Founded in 2015 out of NASA research, Ripcord is backed by the world's leading investors including Kleiner Perkins, Google Ventures, Icon Ventures, Lux Capital, and Apple co-founder Steve Wozniak. For more information, visit www.ripcord.com.