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Regular expressions provide a flexible means for matching strings of text, such as particular characters, words, or patterns of characters. A regular expression is written in a formal language that can be interpreted by a regular expression processor, a program that either serves as a parser generator or examines text and identifies parts that match the provided specification. (See Wikipedia: Regular Expressions)
Regex is used to parse, replace, or manipulate text and streams according to needs.
The function below will take a text field and replace it according to the regular expression pattern and replacement: