Veryfi has announced a new enhancement to its portfolio, with Mobile Receipt Capture for direct-to-consumer marketing apps.
Announced at the recent Retail Innovation Conference - Expo in Chicago, the new technology was introduced as part of the company's latest artificial intelligence-based features for consumer packaged goods and retail companies globally.
Veryfi's technology enables organisations to capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data at scale.
Using artificial intelligence (AI) technology to transform documents into structured data within a short timeframe, the Veryfi Lens technology enhances mobile receipt capture capabilities for clearer and more effective customer service and communication.
The new tech has the ability to stitch long receipts into a single image, which will help improve image quality and the resulting SKU-level data extraction.
Veryfi says that providing a mobile software development kit (SDK) and Receipts OCR API can provide capabilities that unlock use cases for consumer marketing and insights. They say this will make it easier for companies to determine new avenues for growth and future investment.
Those working in the retail and consumer packaged goods (CPG) sector can also leverage Veryfi technology for more personalisation options and customer loyalty in their Direct-To-Consumer (DTC) marketing campaigns and apps.
Capabilities also include introducing a structured format for 85 currencies, 39 languages, and 90 defined fields such as total, tax, VAT, SKU, vendor, and invoice number, which can then be accessed for a wide variety of business applications.
Veryfi co-founder and CEO Ernest Semerda says that by promoting AI-based capabilities, the company will provide further opportunities for more accessible systems and working protocols within enterprises.
"Veryfi Lens is leading a new wave of innovative AI-based capabilities for mobile receipt capture in DTC use cases," he says.
"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."
The company has a foothold in Oceania with a Sydney-based office. In the first quarter of 2022, they won a number of globally-recognised customers, including the largest retail property group in the southern hemisphere with $22 billion in retail assets under management.
Reach CEO Mike Ribero, whose company utilises the Veryfi tech, says the impact on the brands they serve will be extremely positive.
"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," he says.
"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 behaviour."