Regional banks in Germany such as BayernLB, NordLB and SaarLB have opted for Taxo Tool, a software solution developed on the basis of Artificial Intelligence (AI) by Dydon AI, further details of which can be found in a press release. As such, the company based in Herrliberg in the canton of Zurich is supporting financial institutes in their efforts to implement the EU Taxonomy introduced in January 2023. According to the information, the software is already being used by numerous banks from the German-speaking DACH region comprising Germany, Austria and Switzerland. It was jointly developed with the Association of German Public Banks (VÖB) and its subsidiary VÖB-Service.
Taxo Tool supports banks and large companies in complying with the new taxonomy regulation for sustainable business activities and in meeting European climate goals. “We have set ourselves the ambitious goal of fully digitizing the highly complex set of rules of the EU taxonomy and automating the associated evaluation processes as far as possible, which also includes closing existing data gaps”, explains Dr. Hans-Peter Güllich, CEO and founder of Dydon AI, in the press release.
According to the information, the software is able to capture texts from available documents in relation to projects awaiting evaluation. This might include, for example, energy certificates for buildings. In addition, it uses models to calculate CO2 emissions that are based on process engineering knowledge. This makes a big difference when it comes to missing data - “as is often the case with SME customers at banks” - as the press release states. ce/mm