ClearDox Intelligent Document Processing Solution for Data Reconciliation Selected by PBF Holding Company LLC
STAMFORD, Conn. — ClearDox LLC announced today that PBF Holding Company LLC (the “Company” or “PBF”), a subsidiary of PBF Energy Inc., has licensed its ClearDox® Spectrum intelligent document processing (IDP) software solution to automate data reconciliation for broker confirmation statements and counterparty contracts. PBF Energy Inc. and its subsidiaries are one of the largest independent oil refiners in North America, with six refineries that have a combined processing capacity of approximately 1,000,000 barrels per day (BPD), and related logistics assets.
The Company required an advanced document processing automation solution that would increase efficiency and reduce the risk of errors by eliminating the need for personnel to manually reconcile broker statements and counterparty contracts against its commodity trading and risk management (CTRM) system.
“A trial proved Spectrum was easy to use and had the capabilities we required, however, our decision to partner with ClearDox went beyond that,” said Stephen Strohmenger, the Company’s senior director, risk control and compliance. “Everyone we’ve worked with at ClearDox has deep knowledge of the energy industry and the challenges we face, which gives us the confidence that ClearDox is the right partner to help us automate our reconciliation process.”
With Spectrum, data from incoming broker statements and counterparty contracts is automatically extracted, standardized, and validated against data in the Company’s CTRM system. Personnel are automatically alerted when discrepancies are detected and can use Spectrum’s collaboration tool to quickly resolve them by communicating with team members and vendors directly from the user interface. Because personnel are only involved in addressing discrepancies, significant time is freed up to focus on more strategic, high-value tasks and projects.
“By automating their reconciliation process with Spectrum, PBF has taken steps towards improving productivity, reducing operational risk and ultimately securing a bigger competitive advantage,” said Rick Nelson, chief executive officer, ClearDox. “We’re honored to have them as a customer.”
About ClearDox LLC
ClearDox helps companies turn manual processes into a competitive advantage. Our cloud-based ClearDox® Spectrum intelligent document processing (IDP) solution improves productivity, reduces operational risk and helps businesses make smarter decisions by automating data classification, extraction and reconciliation. Spectrum has been used to process hundreds of thousands of documents at leading companies including Gulf Oil and Freepoint Commodities LLC.
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