Veryfi Accelerates its Lead in Day 1 Accuracy, Powering Innovations in Payments, Accounts Payable Automation, and Spend Management

By AIT News Desk On Jul 28, 2022

Leading companies use artificial intelligence-based technology to increase efficiency by 200 times while removing human error.

Veryfi, using artificial intelligence (AI) technology to transform documents into structured data in just seconds,announced it has added the world’s highest rated enterprise accounts payable automation software provider to its growing client roster of leading accounting, payments, accounts payable automation, and spend management software vendors.

Manual data entry is considered the number one source of financial errors and results in an estimated 30% error rate. With AI-driven document data extraction, the error rate can be reduced by 10 times or more. Veryfi eliminates manual data entry, allowing companies to accelerate document data extraction by 200 times, from 10 minutes to 3 seconds per document.

“Financial and enterprise resource planning (ERP) software vendors, as well as large enterprises, are increasingly choosing Veryfi’s AI-driven, Intelligent Document Processing for its instant results and Day 1 Accuracy* with no humans in the loop,” said Ernest Semerda, co-founder and CEO of Veryfi. “Veryfi eliminates manual data entry, liberating human potential to apply their intelligence to the insights gained by unlocking the data within unstructured documents.”

Veryfi customers using its AI-driven OCR API Platform for intelligent automation include:

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#1 valued FinTech startup in India
#1 NPS rated payments company
#1 ranked spend management software
America’s fastest-growing corporate card and #1 rated software
#1 CSAT in enterprise accounts payable automation software

According to Deloitte’s Intelligent Document Processing Report, “Executives estimate intelligent automation will provide higher increases in revenue as a result of their automations to date, compared to those using Robotic Process Automation (RPA) alone (8.5 percent versus 2.9 percent). It is clear that executives believe they derive more economic benefit and improve their competitiveness by integrating AI and RPA rather than using both in isolation.”

RPA isn’t an out-of-the-box AI solution; as a standalone solution, it requires implementation and training that dramatically delays a business’ time to value. When RPA is coupled with Veryfi Intelligent Document Processing, however, customers benefit from pre-trained AI that delivers Day 1 Accuracy and perfectly complements the enhanced automation capabilities of RPA solutions. With Veryfi’s intelligent automation, enterprises can accelerate financial document processing by 200 times, with significantly fewer errors than humans can achieve, and companies can more effectively and demonstrably comply with the increasing number of international security and privacy regulations.

By eliminating manual data entry, Veryfi enables organizations to accurately capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data, at scale. Veryfi uses advanced AI/ML technology, trained by hundreds of millions of documents over the past four years, to extract data and transform it into a structured format for 85 currencies, 39 languages, and 90 defined fields such as total, tax, VAT, SKU, vendor, invoice number, which can then be accessed for a wide variety of business applications.

[To share your insights with us, please write to sghosh@martechseries.com]