Technology Technology

The Growing Challenge of Check Fraud in Banking Despite the digital transformation in banking, check fraud remains a persistent and costly threat to financial institutions. According to recent industry data, check fraud attempts have surged by 30% in the past year alone, with “check washing” schemes becoming increasingly sophisticated. For banks and financial institutions, this […]

The Commercial Banking Challenge: Balancing Tradition and Innovation Commercial banking stands at a pivotal transformation point. Despite the surge in digital payment methods, check payments remain a significant component of B2B transactions, representing nearly 40% of payment volume for many mid-market businesses. However, client expectations have fundamentally shifted – today’s commercial clients demand the same […]

Tax software providers face a critical challenge in 2025: users demand intelligent document processing that can handle the complexity of multi-state tax requirements. While states like Wyoming and South Dakota maintain simple structures with no corporate or individual income taxes, others like New Jersey impose complex requirements with corporate tax rates as high as 11.5%. […]

With January’s 1099-NEC deadline behind us, accounting firms now face the March 31 electronic filing deadline for remaining 1099 forms. For firms processing thousands of 1099-MISC, INT, and DIV forms, this creates a critical window to evaluate and implement automation solutions. Understanding Your 1099 Processing Load Types of 1099 Forms Due March 31 Common Processing […]

In today’s digital-first business environment, intelligent document processing (IDP) has become essential for managing tax documentation efficiently. As organizations prepare for tax season, the ability to accurately extract and process W-2 and W-9 forms can significantly impact operational efficiency and compliance. Modern W-2s and W-9s OCR API are revolutionizing how businesses handle these critical tax […]

Manual W2 processing costs extend far beyond basic labor expenses. Industry analysis shows firms face significant costs per W2 through processing time, error correction, compliance penalties, and hidden operational inefficiencies. Time-Intensive Tasks Draining Resources Section Purpose: Identifies specific manual processes that consume excessive time and resources. Data Entry Burden Quality Control Challenges Compliance Risks and […]

For tax professionals preparing for 2025’s W-2 requirements, critical changes from the Trump administration demand immediate attention: The New Tax Landscape: 2025’s Processing Demands Section Purpose: Establishes context and urgency by outlining major regulatory changes affecting W-2 processing in 2025. Helps readers understand why immediate action is necessary. The sunsetting of TCJA provisions combined with […]

Modern tax document processing requires a delicate balance between automation and professional judgment. Subsequently, the most effective approach combines AI-powered processing with strategic human oversight at key decision points. As a result, measuring tax document processing ROI has become crucial as accounting firms navigate digital transformation. A well-designed hybrid system should support both automated processing […]

As AI transforms tax document processing, a crucial question emerges: What is the optimal balance between automation and human expertise? While full automation promises efficiency, the most successful accounting firms are discovering that maintaining professional oversight creates superior outcomes. This guide explores how accountants can scale effectively during busy seasons and evolve their role alongside […]

Discover how Veryfi’s comprehensive security framework protects sensitive financial information through advanced encryption, rigorous certifications, and automated processing. Setting the Gold Standard in Data Security In today’s digital landscape, protecting sensitive financial information requires more than basic security measures. To ensure security compliance, Veryfi’s enterprise data security framework sets new standards for protecting sensitive financial […]

Holiday loyalty program automation is becoming crucial as retailers face unique challenges in 2024. According to McKinsey’s latest holiday shopping report, despite 6% annual growth in holiday spending, low consumer confidence is impacting shopping behavior. With consumers being more selective but willing to splurge on meaningful purchases, automated loyalty programs are becoming essential for capturing […]

In our previous article, we explored the evolution of Intelligent Document Processing, from its origins in basic OCR to today’s AI-powered solutions. We examined how technological advances in machine learning, computer vision, and natural language processing have revolutionized document handling. Building on this foundation of understanding IDP’s capabilities and trends, let’s explore how different industries […]

Discover how Intelligent Document Processing (IDP) is revolutionizing document handling through AI and machine learning, delivering unprecedented accuracy and efficiency. Understanding Intelligent Document Processing Intelligent Document Processing (IDP) represents a sophisticated software solution that captures, transforms, and processes data from various document types – including emails, text files, Word documents, PDFs, and scanned materials. By […]

In today’s digital transformation era, AI expense management is revolutionizing how businesses handle financial documentation. Learn how the strategic blend of artificial intelligence and human expertise is creating more accurate, efficient, and reliable expense processing systems. The Evolution of Expense Management Gone are the days of manual receipt processing and spreadsheet-based expense tracking. Today’s AI-powered […]

Unlock the power of unstructured data management to drive business growth and innovation. Learn how to effectively manage and analyze the 80% of enterprise data that exists outside traditional databases. What Is Unstructured Data and Why Does It Matter? In today’s digital landscape, unstructured data has become the dominant force in business intelligence, accounting for […]

Financial institutions face increasingly complex check processing challenges in today’s digital banking environment. Before the era of digital banking and OCR technology, check processing was an intricate maze of manual operations and complex routing systems. The process was mainly with workers physically sorting checks and using mechanical adding machines for “listing” (adding up check values). […]

The annual W-2 processing rush brings a familiar headache to accounting firms and tax professionals alike. With studies showing that manual data entry can have error rates as high as 4%, and each mistake potentially costing hundreds in resolution time, finding efficient solutions isn’t just convenient – it’s crucial for business survival. Understanding and solving […]

Quality Assurance Documentation serves as a crucial roadmap in software development, protecting against errors and managing defects systematically. These documents facilitate clear communication between developers, testers, and stakeholders while ensuring consistent quality standards throughout the development lifecycle. However, companies struggle daily with managing test plans, defect reports, compliance records, and performance metrics – all while […]

Ever wonder why bank statements are such a big deal? You’re not alone. In today’s digital age, efficient and scalable bank statement data extraction software is becoming increasingly crucial for businesses. Let’s dive into the world of bank statements and discover how they’re being used in ways you might not expect. Why Do Bank Statements […]

In today’s digital-first financial world, AI fraud detection solutions are transforming how businesses handle documents. The growing threat of financial fraud, combined with the sheer volume of documents from invoices to compliance reports, demands intelligent document processing systems. Failure to implement AI and computer vision solutions for financial documents can lead to costly errors, delayed […]

In today’s digital-first financial landscape, businesses are grappling with an overwhelming volume of paper checks. Despite the rise of electronic payments, the Federal Reserve reports that in 2022, over 14 billion checks were processed in the United States alone, representing a significant portion of financial transactions. For businesses processing thousands of checks daily—from banks to […]

In today’s rapidly evolving financial landscape, businesses face increasingly complex scenarios that demand more than basic document processing. Invoice processing for fintech companies has taken on more complication as once-helpful traditional tools like template-based invoice processing are no longer useful for achieving long-term results. Tools like these fall short when it comes to achieving custom […]

In the world of corporate finance and employee reimbursements, accurate receipt submissions form the backbone of effective expense management. Whether it’s tracking business lunches, travel expenses, or office supplies, the ability to quickly and accurately process receipts is crucial for maintaining financial integrity and ensuring timely reimbursements. However, many organizations struggle with extracting data from […]

Speed is not just a luxury—it’s a necessity for maintaining control over your financial operations and minimizing risk. This is where real-time data extraction comes into play, offering a powerful tool to keep your business ahead of the curve. In today’s rapidly evolving business landscape, the ability to process financial data quickly and accurately is […]

Localization is the process of adapting a product or service to meet the language, cultural, and regulatory needs of a specific region. It’s more than just translating text—it involves modifying content and features to align with local customs, laws, and user expectations. For businesses, localization is essential for several reasons: it enhances user experience, improves […]

Shopping malls are more than just a collection of storefronts—they are conglomerates of brands, retailers, and distributors. Which means that each of them competes for customer attention. As malls increasingly adopt digital strategies to engage with shoppers, loyalty programs have emerged as key tools to retain customers and drive repeat visits. However, managing loyalty programs […]

OCR (Optical Character Recognition) has evolved from simple text extraction to advanced AI-powered systems capable of far more. Regular data extraction and AI-driven data extraction serve the same basic purpose: converting printed text into digital format. But the methods, accuracy, and applications of these two technologies are vastly different. This post delves into how AI-driven […]

In the world of expense management, receipts are like cryptic messages, hiding valuable information in plain sight. Veryfi’s AI-driven data extraction technology powers companies like Brex to reveal all the hidden secrets in their financial documents and to transform secrets into actionable insights that drive smarter financial decisions. The Conspiracy of Receipts For years, businesses […]

At Veryfi, we believe that a great work environment is more than just a place to get things done—it’s a community where work and play blend seamlessly. Our culture is all about working hard and playing hard, creating a dynamic and exhilarating atmosphere that keeps us energized and engaged every day. One of the best […]

Bank statements offer a broad view of your business’s financial health, tracking every transaction, payment, and expense. They highlight spending habits and trends, but they don’t capture the full picture. Essential details—like how much you’re spending on specific supplies, services, or even individual vendors—are hidden in the receipts and invoices, not on your bank statements. […]

In the fast-paced world of healthcare, efficiency isn’t just a goal—it’s a necessity. Yet, many healthcare organizations struggle with ERP systems that lag behind in performance, leading to significant hidden costs. These inefficiencies often stem from outdated data management practices, which can hinder patient care, disrupt operations, and inflate costs. Common ERP Inefficiencies One of […]

In the fast-paced world of evolving businesses, manual data extraction can be a significant pain point. Professionals often find themselves bogged down by the time-consuming task of extracting data from a growing pile of documents. This hampers productivity and prevents them from focusing on strategic tasks that drive their organizations forward. Adocs, Veryfi’s data extraction […]

In the digital age, businesses need to be agile, efficient, and ready to innovate. One of the most exciting developments helping companies achieve these goals is the rise of no-code and low-code platforms. These game-changing solutions allow even non-technical users to build and customize software with minimal coding, enabling rapid adaptation and streamlined operations. Among […]

In the world of business, managing expenses and invoices efficiently is crucial for maintaining financial health. However, when dealing with PDF documents containing multiple pages representing different receipts or invoices, the process of extracting and integrating them into accounting software can become a daunting task. Enter Veryfi PDF Splitter, a powerful tool designed to simplify […]

Understanding consumer behavior hasn’t always been clear-cut. Every CPG brand faces the same conundrum: there’s no surefire way to peer into the shopping carts of customers, uncover the exact products they’re buying, and spot emerging purchasing patterns. That is, until now. Veryfi is changing the game for CPG brands, allowing brands to create strategies for […]

CPG Brands Turning Loyalty Programs into Revenue Machines Read this white paper to understand the evolving landscape of the CPG loyalty industry, the specific product designs that lower user satisfaction, the specific loyalty marketing sequences that lower brand confidence, and other revenue stoppers. Discover how Veryfi’s complete loyalty marketing toolkit (with Veryfi Lens Receipt Capture […]

Discover the power of Zero-Shot Learning, a cutting-edge machine learning technique that allows machines to learn and make predictions without being trained on specific data sets. Zero-Shot Learning: An In-Depth Overview Machine learning has revolutionized the world of artificial intelligence and provided significant advancements in various fields. One of the latest innovations in this area […]

Discover the power of IDP and how it can revolutionize your business operations. In today’s digital age, companies manage a massive volume of documents daily. From invoices and receipts to contracts and legal agreements, the sheer number of documents can be overwhelming and time-consuming to process manually. Intelligent Document Processing (IDP) plays a crucial role […]

Learn How it Works and its Benefits Across Industries Japanese OCR technology has come a long way in recent years, making it easier than ever before to accurately recognize and process Japanese text. This article will dive into how this innovative technology works, as well as its benefits and applications in various industries. Understanding Japanese […]

Optical Character Recognition (OCR) technology has significantly revolutionized how we manage and process textual information. At its core, OCR is a technology that enables the automatic conversion of scanned or printed text into digital data that can be manipulated by computer systems. In this article, we’ll explore the ins and outs of OCR technology, its […]

A comprehensive OCR software comparison guide for your business needs Why Your Business Needs OCR Software Optical Character Recognition (OCR) software has significantly evolved since its beginnings in the early 20th century. Up to 90% of all information businesses receive is trapped inside documents, making the need for efficient OCR solutions crucial. This blog post […]

Discover the differences between template-based and AI-based OCR, and determine which is best suited for your needs. Optical Character Recognition (OCR) is a technology that converts printed or handwritten text into digital format, making it easier to edit, search, and store. OCR technology has come a long way since its inception and plays an essential […]

How to Overcome Them & Develop Winning Fintech Apps The mobile app success rate is only 25%, meaning most apps fail. Successful fintech apps need strategic thinking, collaboration, and industry understanding. Fintech product managers face complex and ever-changing needs, requiring knowledge of finance tech, user behavior, and market trends. Fintech apps retain only 16% of […]

Here’s A Guide to Get You Started Experian’s survey finds that 52% of businesses face data accuracy and quality issues. Data parsing can help by allowing quick and accurate data extraction and analysis, resulting in high-quality data. Investing in data management technology, like parsing tools, improves accuracy and quality, leading to better decision-making and operational […]

Optical Character Recognition (OCR) converts scanned images of printed text into machine-readable text. It has revolutionized the way we digitize and process textual data, finding applications in document scanning, data extraction, translation, and accessibility across various industries, including finance, healthcare, and education. Two OCR methods that have gained popularity in recent years are Tesseract OCR […]

The 4th Industrial Revolution (4IR) is upon us, and it’s being powered by artificial intelligence (AI). AI is transforming every industry. It’s creating new efficiencies and opportunities, and pushing boundaries in ways that were once unimaginable. Let’s explore how AI is kickstarting the 4IR, and what it means for the future of work, innovation, and […]

Definitions, Differences, and Business Applications Did you know that businesses spend an average of 120 hours a week on manual data entry and other repetitive tasks? That’s the equivalent of three full-time employees. With the rise of Intelligent Automation (IA), however, organizations can now automate these tedious tasks and free up their employees to focus […]

Product owners at B2B software companies face a classic “DIY vs. buy” decision: “Do we devote precious engineering resources to build this functionality in-house, or do we buy this functionality from a company that has already built what we need?” The answer isn’t always straightforward; there are pros and cons to each approach, depending on […]

Instantly Turn Receipts into Customer Insights Validate purchases and unlock cross-basket insights to fuel your loyalty marketing programs while enhancing personalization and reducing fraud. Download Now

Delight Your Users & Raise the Bar on Trust We help FinTech software companies accelerate their pace of innovation and delight their users through AI-driven OCR with Day 1 Accuracy™ Download Now

or Even Replacing Older Technology in Business For the average individual, the term artificial intelligence or AI conjures up images of sci-fi thrillers. While the stigma associated with dystopian cinema may not have dissipated entirely, AI is already widely used in the corporate world. Many of the world’s iconic brands are investing in AI programs […]

While the U.S. Government is not normally regarded as an early adopter of new technology, the current workflow for processing the millions of annual tax returns from its constituency is a particularly egregious and completely avoidable example of mismanagement, poor service, and inefficiency. You may be surprised (or perhaps not) to learn that the IRS […]

Timesheets by Veryfi: https://veryfi.app/timesheets/ — World’s 1st Floor-by-floor detection with Geofencing for digital and autonomous time cards.

LIVE STREAM URL: https://www.youtube.com/watch?v=1gOt4b7Auks We’re running our 2nd Veryfi Webinar focused on showing you more how to get started & maximize your Veryfi experience. We will also do a Q&A where we answer questions you submitted and questions you ask during the live webinar chat window. This will be an open forum so please bring […]

We’re running our first-ever webinar to answer your pressing questions about Veryfi and demo new features and help you maximize your Veryfi experience. This will be an open forum so please bring your questions. A Veryfi U.S.-certified tax coach will also join us to address accounting questions. ABOUT VERYFIVeryfi is a bookkeeper in your pocket. […]

Did you hear the news? Expensify uses mechanical turks (human labor) to extract the data from the receipts you trust them to OCR. 2017 was the year this leaked out and one of those mechanical turk found boarding passes, hotel receipts (name, dates, details), medical receipts, addresses, signatures, and Uber receipt with full name, pickup […]