Convert PDF to XML in Financial Institutions
It is also advantageous to convert pdf to xml format for a variety of financial institutions. While this type of conversion is less obvious it does have its advantages when the file to be converted needs to be processed, stored and shared across computers, applications and locations.
In this article we consider investment banks, retail banks, investment management, loan processors and generally credit processors. We discuss a general framework for convert pdf to xml and xml usage in these sectors. Financial services need to incorporate many disparate systems including legacy systems when dealing with format for data storage and handling.
Additionally financial services :
- Need to incorporate many lines of business.
- Financial institutions remain competitive by entering into new areas of growth.
- Domestic and International markets, implying exchanges of data across geographies
- Need for interoperability and streamlined processes.
- Need to interoperate inside and outside of corporate walls
In liu of these general needs it will happen that the data acquired by financial analyst that is web scraping info to create financial models in one location would be needed by an automated financial modeling software in a different location. Therefore if you can convert pdf to xml you can make the data and data format available across the organization. Some of the distinct advantages of XML and to convert pdf to xml are:
- XML can be used to describe and identify information accurately and unambiguously, in a way that computers can be programmed to ‘understand’ your information. Thus is you convert pdf to xml you can have automated processes run onto the xml file.
- XML allows sets of documents which are all the same type to be created and handled consistently and without structural errors, because it provides a standardized way of describing, controlling, or allowing/disallowing particular types of document structure.
- XML provides a robust and durable format for information storage and transmission. Robust because it is based on a proven standard, and can thus be tested and verified; durable (persistent) because it uses plain-text file formats which will outlast proprietary binary ones. This is particularly relevant when you intent to convert pdf to xml to transfer information and store it over a long time.
- XML provides a common syntax for messaging systems for the exchange of information between applications. Previously, each messaging system had its own format and all were different, which made inter-system messaging unnecessarily messy, complex, and expensive. If everyone uses the same syntax it makes writing these systems much faster and more reliable.
- XML is free. Not just free of charge,but free of legal encumbrances.
- XML information can be manipulated programmatically (under machine control), so XML documents can be pieced together from disparate sources, or taken apart and re-used in different ways. They can be converted into any other format with no loss of information. This means once more that if you convert pdf to xml as a rule of business, you can later invoke several xml files from several machines and location and build financial models.
In some financial institutions that deal with a variety of forms, for example loan and credit processing, the xml format is very useful. Suppose you want to build a routine to check if there is a tendency of a certain type of customers to default on credit, you will need to gather data from both digital and canned form. In this respect Tabex is an ideal solution for your data ingestion in the process to convert pdf to xml and than automate that data handling in xml. It allows you to ingest tabular data from the web, digital data bases via screen capture and scanned forms such as PDF forms. Aproprietary algorithm allows you to recognize tabular structures and transfer this info into the xml file. As a result when you convert pdf to xml with Tabex you have a powerful tool to help your automation and productivity in financial modeling, credit analysis, fraud analysis and other relevant processes in banking and capital markets.