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 have been plagued by the enigma of receipts—those cryptic pieces of paper filled with numbers, item descriptions, and total amounts. But are these receipts really telling us everything? Hidden among the lines of text could be the secrets to optimizing business expenses, catching fraudulent activities, or identifying trends that could save thousands. The conspiracy is real, and it’s happening every day in businesses around the world.
Unmasking Mysteries: Veryfi’s Technology Brings Clarity to Expenses
How does Veryfi manage to unveil the mysteries hidden within these enigmatic receipts? It’s all thanks to cutting-edge Optical Character Recognition (OCR) APIs technology with AI-powered data extraction. This advanced technology sifts through the noise and delivers the truth directly to your financial systems, automating expense management with a level of precision and speed that seems almost otherworldly.
Veryfi’s OCR is powered by pre-trained AI, optimized for Day 1 Accuracy™ without human intervention. It automatically enriches data by providing vendor details, business ID lookups, document categorization, line item expansion, and due date calculations. Because of this, it extracts the line item details with pinpoint accuracy, and standardized APIs deliver formatted JSON with consistent labels for all extracted data.
In the vibrant heart of New York City’s Times Square, Veryfi’s mascot Vee takes center stage on a massive digital billboard. Vee demonstrates how Veryfi software scans and processes documents. Imagine Vee zapping receipts and papers with a green beam, instantly transforming them into organized, actionable business data. @Brex and @Veryfi join forces as #BigAppleBuilders
Automated expense management isn’t just a buzzword; it’s a revolution. For instance, Brex, a leader in financial technology and corporate card solutions, leverages Veryfi technology to unravel the complexities hidden within receipts, empowering their customers with unparalleled spend control and financial visibility. By automatically processing receipts and invoices, Brex enables their clients to discover spending patterns they never knew existed, identify cost-saving opportunities across departments, or pinpointing the most profitable client engagements. That’s the power of data-driven expense management.
With Veryfi’s advanced OCR and AI technology, many fintech businesses like Brex, who are liberated from the maze of manual data entry and the errors that come with it, gain the ability to extract accurate data and automate expense management with a precision that borders on the extraordinary. And most importantly, they can scale and grow fast! No more sifting through paperwork—just clear, concise insights that cut through the chaos.
Bettering Expense Management & Spend Management using Veryfi
Here are a few examples of how Veryfi can transform your expense management process:
- Reimbursement Policy Enforcement: Ensuring expense claims comply with company policies is complex and time-consuming. In fact, Veryfi’s API, together with a Business Rules Engine, cross-checks each submission against company reimbursement policies, validates expense categories, checks receipt authenticity, and ensures it meets the policy limits.
- Pattern & Category Recognition: Veryfi’s AI models analyze and identify patterns using machine learning to provide smart recommendations. As a result the model matches and details every item on a receipt—covering flavor, quantity, size, batch, and store. This level of detail enhances accurate tracking, better categorization, and more insightful analysis of spending.
- Fraud Detection with Manipulated Handwriting: Veryfi’s Fraud Intelligence detects handwriting in specific fields within submitted documents. OCR with AI can discern when fields are being fabricated in receipts, bank checks, statements, and other types of documents.
Join the Quest for Truth
Scroll up to peek more closely at our billboard? Can you make out the backwards script? It’s saying: The truth is out there.
The truth is out there, and with Veryfi, it’s within reach. In fact, the join companies like Brex have already unlocked the secrets hidden in their receipts. Hence, embrace the future of expense management, where the mystery is solved, and the truth is clear. Because at the end of the day, it’s not just about managing expenses—it’s about uncovering the insights behind them. Get started today.
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