Northteq launches AI-powered Aurora IDP to streamline document processing

Northteq has introduced Aurora IDP (Intelligent Document Processing), a new artificial intelligence–powered solution designed to automate one of the most time-consuming aspects of equipment finance operations: extracting and verifying data from invoices, credit applications, and supporting documents.

The company says Aurora IDP can reduce document processing time by up to 75%, turning what previously took hours of manual effort into minutes.

For many equipment finance lenders, document handling has remained a manual task. Credit analysts often spend large portions of their workday entering information from PDFs, handwritten applications, or photos, and resolving errors or incomplete submissions.

“They’d invested in digital credit applications and portals, but as soon as a dealer emails an invoice or a credit app, everything slows down while someone manually enters that data. We’re talking about three to five minutes per document, multiplied by dozens or hundreds each day.”

Aurora IDP uses machine learning to extract information from documents in various formats and channels, verify it against existing application data, and flag inconsistencies that may signal errors or potential fraud. The system also automatically matches documents to the correct loan applications and offers side-by-side comparison tools for credit analysts to confirm accuracy.

“Lenders can handle four to five times more applications with their existing teams, allowing sales to scale without operational bottlenecks.”

The platform integrates with Northteq’s Aurora Loan Origination System (LOS) and other workflows. It includes audit trails for compliance and structured document storage to simplify regulatory reviews.