SAN MATEO, Calif.–(BUSINESS WIRE)–Aug. October 2022–
Veryfi, which uses artificial intelligence (AI) technology to instantly convert documents into structured data, announced today that TripActions is using the company’s technology to eliminate the time employees spend filling out expense reports, saving companies up to Save 86% on failures -Issue policy.
Veryfi supports TripActions Liquid’s OCR technology to read and encode receipts, helping TripActions Liquid customers reduce costs through improved spend management. With TripActions Liquid, finance teams have complete control over spend to drive savings, productivity and compliance. Policies are built into smart cards so expense management is automated, from card swipe to reconciliation. Interactive dashboards provide real-time transactional visibility for more informed decision making. Employees are spared the headache and time spent on expense reports, while eliminating human error and gaining better control over expense management.
Using Veryfi technology, expenses submitted with a receipt are automatically listed in TripActions Liquid to track expenses at a granular level. Expense receipt data is extracted by Veryfi technology as line items that are automatically mapped to a policy and assigned an expense type, ledger code and custom field in TripActions Liquid.
“TripActions Liquid is used by businesses around the world; and more importantly, delights users and makes them more productive,” said Michael Sindicich, EVP, GM TripActions Liquid. “Our partnership with Veryfi helps automate traditional manual expense processes so finance teams and employees never have to deal with the hassles and frustrations of expense management again.”
Leveraging Veryfi technology, TripActions allows businesses to:
- Complete the books four days faster each month;
- Achieve up to 15% savings on travel program spend;
- Save up to 30% on hotel costs;
- Reduce non-compliant spend by 86%.
The TripActions Liquid app is G2’s #1 expense, expense and travel management app, and it’s so quick and easy, over 90% of employees use it.
“With the Veryfi OCR API platform, TripActions is able to bring innovative data extraction capabilities for line item receipts and hotel bills to market earlier, improve user experience and extend the company’s lead in the enterprise travel and expense software space,” said Ernest Semerda , Co-Founder and CEO, Veryfi. “After five years of 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 offers the only mobile receipt capture technology that incorporates AI computer vision for receipt recognition and image enhancement, as well as a long receipt capture mode. It helps transform unstructured documents into structured data and unlock data previously unavailable for analysis.
By eliminating manual data entry, Veryfi enables organizations to accurately capture, extract and convert 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 through hundreds of millions of documents over the past five years, to extract data and convert it into a structured format for 85 currencies, 39 languages and over 110 defined fields such as seller, total amount and invoice to convert to/ship to, order and invoice numbers, all items (product name, SKU, description), taxes and more, which can then be accessed for a variety of business applications.
Veryfi Day 1 Accuracy* empowers software companies to capture, extract and transform documents into structured data, from day one. With just five lines of code, Veryfi technology can be added to a mobile or web app. Anyone can try it at www.veryfi.com/demo. Veryfi will be present at Money 20/20 from October 23rd to 26th at booth #4515 or attendees can attend online. To learn more about how apps can get powerful capabilities from the Veryfi OCR API Platform and Lens Mobile Capture SDK, go to info.veryfi.com/saas.
Veryfi empowers organizations to capture, extract, and transform unstructured documents, including receipts, invoices, purchase orders, checks, credit cards, and W-2s, into structured data at scale. The company’s technology reduces or eliminates manual data entry and unlocks valuable business intelligence in seconds. Trusted by businesses and software companies alike, Veryfi’s AI-driven platform delivers fast, accurate and secure data to hundreds of companies worldwide. Learn more at www.veryfi.com.
TripActions is the all-in-one travel, corporate card and expense management solution, providing unparalleled visibility and control over their spending to more than 8000 clients around the world. Trusted by travel managers and finance teams alike, TripActions and TripActions Liquid use real-time data to help companies protect traveling employees, reduce expenses and increase productivity. Learn more at www.tripactions.com.
Veryfi Day 1 Accuracy is a trademark of Veryfi.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221020005292/en/
CONTACT: Joseph Eckert for Veryfi
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEY WORD: DATA MANAGEMENT ACCOUNTING TECHNOLOGY TRAVEL PROFESSIONAL SERVICES BUSINESS DATA ANALYSIS SOFTWARE ARTIFICIAL INTELLIGENCE PERSONNEL OTHER TRAVEL
Copyright Business Wire 2022.
PUB: 10/20/2022 12:00 PM / DISC: 10/20/2022 12:02 PM