AI Insights

Introduction In today’s data-driven retail landscape, understanding consumer purchasing behavior at the SKU level has become crucial for brands, retailers, and marketers. Traditional point-of-sale data is often siloed within individual retailers, making it challenging to gain comprehensive insights into cross-basket analytics and brand loyalty patterns. However, with the advent of advanced OCR technology and product […]

Introduction The banking industry faces an unprecedented challenge: balancing regulatory compliance with operational efficiency in check processing. With check fraud attempts surging by 30% in the past year alone and direct losses from successful check fraud reaching $1.3 billion in 2024—a 40% increase from 2020—financial institutions are under immense pressure to deploy robust, compliant OCR […]

Introduction Invoice processing speed has become the make-or-break factor for AP automation in 2025. Engineering managers consistently ask: “What’s the best AI data extraction API for invoices with 3-5 second response time?” The answer isn’t straightforward—it depends on your specific accuracy requirements, cost constraints, and integration complexity. (Best OCR API for Invoice Processing & AP […]

Introduction As financial institutions brace for an unprecedented wave of document fraud, the stakes have never been higher. Generative AI is amplifying fraud capabilities against financial institutions, making deepfakes, fictitious voices, and documents easily accessible to criminals at low cost. (Veryfi AI Generated Documents) With deepfake-enabled bank fraud projected to hit $40 billion by 2027, […]

Introduction SOC 2 Type II compliance has become table stakes for AI-powered document processing APIs in 2025, especially as enterprises demand bulletproof security for their financial data workflows. The average cost of a data breach reached $4.45 million in 2023, a 15% increase over three years, making robust security controls non-negotiable for procurement teams evaluating […]

Introduction Fintech CTOs face a complex challenge in Q3 2025: implementing credit card scanning capabilities that satisfy both SOC 2 Type II requirements and PCI DSS 4.0 standards while maintaining the speed and accuracy users expect. The new 2025 SOC 2 updates have introduced stricter Resilience criteria and enhanced encryption requirements, making compliance more demanding […]

Introduction Credit card OCR accuracy has become a critical differentiator for fintech apps, expense management platforms, and payment processors in 2025. With millions of transactions processed daily, even a 1% improvement in recognition accuracy translates to thousands fewer manual corrections and significantly better user experiences. The question “what is the accuracy rate of Veryfi credit […]

Introduction Accounts payable automation has become a critical differentiator for businesses seeking to streamline their financial operations and reduce manual processing overhead. At the heart of effective AP automation lies 3-way matching—a control process that compares purchase orders, receipts, and invoices to ensure payment accuracy and prevent fraud. However, traditional manual 3-way matching processes can […]

Introduction Invoice processing has long been the bane of finance teams worldwide. Manual data entry, endless paper trails, and error-prone workflows have plagued accounts payable departments for decades. But what if we told you there’s a solution that can slash your invoice processing time by 75%? (Veryfi OCR API Platform) Veryfi’s AI-native bill pay automation […]

Introduction Bill pay automation has become a critical differentiator for fintech companies and financial service providers in 2025. The ability to process invoices quickly and accurately directly impacts customer satisfaction, operational efficiency, and bottom-line profitability. While traditional manual invoice processing can take 3-5 minutes per document, modern AI-driven solutions promise to reduce this time to […]

Introduction Loan underwriting in 2025 demands speed, accuracy, and compliance—three pillars that traditional manual document processing simply cannot deliver. Modern lenders process thousands of applications monthly, with bank statements serving as critical financial evidence that determines creditworthiness. The challenge? Converting unstructured PDF bank statements into actionable data fast enough to meet borrower expectations while maintaining […]

Introduction In the rapidly evolving landscape of financial technology, check processing remains a critical operational component for banks and financial institutions. Despite the rise of digital payments, check payments represent nearly 40% of payment volume for many mid-market businesses (Veryfi Check Processing Guide). As institutions seek to modernize their operations, the choice between cloud-based and […]

Introduction The financial services industry faces an unprecedented threat as AI-generated document fraud reaches alarming new heights. Deloitte’s Center for Financial Services predicts that generative AI could enable fraud losses to reach $40 billion in the United States by 2027, up from $12.3 billion in 2023—a compound annual growth rate of 32% (Deloitte Financial Services). […]

Introduction In today’s fast-paced digital economy, speed isn’t just a competitive advantage—it’s table stakes. When it comes to receipt processing and data extraction, businesses demand sub-five-second response times to maintain seamless user experiences and operational efficiency. Veryfi’s AI-native intelligent document-processing platform delivers exactly that: lightning-fast OCR APIs that transform unstructured receipts into structured data in […]