At Retail Innovation Conference & Expo, company introduces latest artificial intelligence-based features for consumer packaged goods and retail companies
Veryfi, using artificial intelligence (AI) technology to transform documents into structured data in just seconds, announces enhanced mobile receipt capture capabilities in the latest release of Veryfi Lens.
Veryfi Lens includes a unique ability to stitch long receipts into a single image, dramatically improving image quality and the resulting SKU-level data extraction. By providing a mobile software development kit (SDK) and Receipts OCR API, Veryfi provides innovative capabilities that unlock new use cases for consumer marketing and insights. Retail and consumer packaged goods (CPG) organizations can leverage Veryfi technology for enhanced personalization and customer loyalty in their Direct-To-Consumer (DTC) marketing campaigns and apps.
“Veryfi Lens is leading a new wave of innovative AI-based capabilities for mobile receipt capture in DTC use cases,” said Ernest Semerda, co-founder and CEO of Veryfi. “No more multiple pictures or clunky guides – using Veryfi Lens our customers’ users just glide the phone over a long receipt and it’s done, all stitched.”
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“No more multiple pictures or clunky guides – using Veryfi Lens our customers’ users just glide the phone over a long receipt and it’s done, all stitched.”
Key capabilities include:
- Mobile Capture: native on-device camera capture with AI-enhanced edge and receipt detection
- Long Receipts: user-friendly scrolling receipt capture with real-time stitching and intelligent image corrections
- SKU Extraction: industry-leading receipt data extraction for all line items, across 39 languages and 85 currencies
- Fraud Prevention: intelligent image analysis coupled with detailed receipt data can identify doctored or duplicate receipts
“The Veryfi Lens SDK (software development kit) provides innovative capabilities to capture SKU-level receipt data and deliver greater insights to the global brands we serve,” said Mike Ribero, CEO of Reach. “With a convenient and user-friendly experience for providing their receipts to brands, consumers get greater rewards while the brands improve their understanding of consumer behavior.”
In the first quarter of 2022, Veryfi won globally-recognized customers including the largest retail property group in the southern hemisphere with $22 billion in retail assets under management, the largest home improvement retailer in the United States, and one of the largest consumer-oriented research organizations.
Veryfi’s technology enables organizations to 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 millions of documents over the past four years, extracts data and transforms 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.
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