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Veryfi Technology Enables TripActions to Eliminate Expense Reporting

Companies eliminate employee paperwork, reduce costs and increase productivity while improving spend management

Veryfi, using artificial intelligence (AI) technology to instantly transform documents into structured data,announced that TripActions is using the company’s technology to eliminate the time that is spent by employees filling out expense reports — saving businesses up to 86% in out-of-policy spend.

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“Our partnership with Veryfi helps automate traditional manual expense processes so that finance teams and employees never have to deal with the hassles and frustrations of managing expenses ever again.”

Veryfi powers TripActions Liquid OCR technology to read and code receipts, which helps TripActions Liquid customers reduce costs through improved spend management. With TripActions Liquid, finance teams have complete control over expenditures to drive savings, productivity, and compliance. Policies are built into smart cards so that expense management is automated, from card swipe to reconciliation. Interactive dashboards provide real-time transaction visibility for more informed decision-making. Employees are spared from the headaches and time spent on busywork doing expense reporting while eliminating the chance for human error and gaining better control over expense management.

With the Veryfi technology, expenses submitted with a receipt are automatically itemized in TripActions Liquid to track expenses at a granular level. Expense receipt data is extracted by Veryfi’s technology as line items, which are automatically mapped in TripActions Liquid to a policy and assigned to an expense type, general ledger code, and custom field.

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“TripActions Liquid is being used by companies around the world; and more importantly, is delighting users and making them more productive,” said Michael Sindicich, EVP, GM TripActions Liquid. “Our partnership with Veryfi helps automate traditional manual expense processes so that finance teams and employees never have to deal with the hassles and frustrations of managing expenses ever again.”

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Leveraging Veryfi technology, with TripActions businesses are able to:

  • Close the books four days faster each month;
  • Realize up to 15% savings on travel program spend;
  • Save up to 30% on hotel expense;
  • Reduce out-of-policy spend by 86%.

Ranked No. 1 by G2 for expense, spend and travel management, the TripActions Liquid app is so fast and easy that over 90% of employees choose to use it.

“With the Veryfi OCR API Platform, TripActions is able to bring innovative line item receipt and hotel folio data-extraction capabilities to market sooner, enhancing their users’ experience and extending the company’s lead in enterprise travel and expense software,” said Ernest Semerda, co-founder and CEO, Veryfi. “After five years training our AI model, Veryfi technology is ready on day one for companies looking to accelerate their pace of innovation in extracting structured data from documents.”

Veryfi provides the only mobile receipt capture technology that includes AI computer vision for receipt detection and image enhancement, as well as a long receipt capture mode. It helps transform unstructured documents into structured data — tapping into data that was previously unavailable for analysis.

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-9 forms into structured data, at scale. Veryfi uses advanced AI/ML technology, trained by hundreds of millions of documents over the past five years, to extract data and transform it into a structured format for 85 currencies, 39 languages, and over 110 defined fields such as vendor, total, bill to/ship to, purchase order and invoice numbers, any line item (product name, SKU, description), taxes, and more, which can then be accessed for a wide variety of business applications.

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

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