AP (Accounts Payable) Automation Toolkit by Veryfi
#apautomation #accountspayable #invoicepayments
Veryfi's AP (Accounts Payable) Automation Toolkit enables any company (Bank, NeoBank, Startups etc) to build their own AP Mobile or Web App for real-time bill payments within hours not months.
Veryfi’s Accounts Payable automation (AP Automation) uses modern technology (without the liability, restrictions of legacy technology or methods that rely on human intervention) to streamline and automate accounts payable processes, removing manual tasks and providing better visibility to reduce fraud and enable control over important financial data.
WHAT YOU GET OUT OF THE BOX
** Camera Capture Technology ** a binary framework for your iOS and Android app to capture bills in a snap followed by pre-process for superior data extraction.
** OCR API ** for Real-time Data Extraction of billing information from paper (offline), digital or email (online) bills and invoices. It even understands english terms like Net30, Vendors from Logos, and much more. Best of all, No API training required. It's ready to go out of the box with quality that surpasses human labor.
See demo here https://www.veryfi.com/ap-automation/...
** API for Fraud Detection & Alerts ** A series of checks in place that include vendor history checks, bill information abnormalities et al. All hereto reduce fraud and accelerate payments.
** API for Data Transformation ** A series of endpoints which allow you to run additional processes across the data extracted (think If This Then That) down to line item level, Integrations with Accounting systems and many cloud services.
WHAT IS AP (ACCOUNTS PAYABLE) AUTOMATION
Accounts Payable Automation (AP Automation) is technology used to machine automate the whole accounts payable processes so that machine vision can perform the bill data extraction process followed by a series of workflows like fraud detection, anomaly detections, approvals etc before scheduling the bill for payment.
Accounts Payable (AP)* is money owed by a business to its suppliers shown as a liability on a company’s balance sheet. Typically the function of the finance department responsible for manual labor intensive process in extracting bill information, validating it against policies and then scheduling the payment of that liability.
Veryfi’s AP Automation empowers organizations of all size with innovative technologies like AI data extraction, AI fraud detection and payment processing towards sustainable, cost effective and smarter outcomes.
LEARN MORE
https://www.veryfi.com/ap-automation/
[email protected]
0:00 Intro: automating accounts payable with Verify
0:14 AP automation overview (capture, extract, approve)
0:23 Bill capture methods (mobile, email, web, API)
0:40 AI data extraction + fraud detection
1:13 End-to-end AP workflow overview
1:17 Demo: submitting bills in Verify Hub
1:49 Results & alerts (overdue, amount anomalies)
2:17 Extracted fields & JSON output
2:56 Second bill review + vendor alerts
3:46 Clearing alerts & approving for payment
4:06 Next steps + free trial info