New Product Expansions: Wrapping Up Summer 2023

September 21, 2023
5 mins read
New Product Expansions: Wrapping Up Summer 2023

    As the summer draws to a close nearing the autumnal equinox happening this Friday night of September 22nd, we want to take a moment to reflect on the exciting achievements in our product roadmap that we have accomplished. This summer, our focus has been on creating new document possibilities, extraction capabilities, and fraud & security measures to ensure our valued customers get maximum convenience and peace of mind when using our products. Read on to find out how to access and use these features. As always, our customer success team is here to answer your questions. We love hearing from you! 

    Created Bank Statements OCR API

    Based on customer input, we developed OCR for extracting information from bank statements. Being able to extract data from bank statements enables you to accomplish a range of tasks and workflows from doing loan applications to reconciling transactions to doing digital wealth management and FP&A. Also, a major part of business expense verification and reimbursement, accounting, taxation, and auditing depends on being able to match entries on bank statements–seen as the singular source of truth regarding what has been spent or deposited–alongside receipts, invoices, receipts of goods, COG statements, and a slew of other documents both people and businesses touch daily. Veryfi enables you to do bank reconciliation by automating all required subtasks that are part of the whole bank reconciliation process.

    This is a separate OCR API endpoint from the Receipts & Invoices, very similar to the endpoints added for W2, W9, Checks, and Business Cards. Once again we have leveraged our core model to support Day 1 Accuracy and reduce the learning curve for any of your unique document situations. The model currently supports extraction of 15 document level fields and 7 line-level fields anywhere from routing number and account number to transaction ID, statement number, and every detail in between. 

    Created the OCR Industry’s Most Capable PDF Splitter

    If you are not familiar with the PDF Splitter, it is an asynchronous API endpoint that handles the case where multiple documents are contained in a single PDF file. This feature sits inside Veryfi OCR API. Rather than manually splitting the documents or running an external process prior to calling the OCR API, this process uses document data such as page number or invoice number to delineate and send each document to be processed. Watch this video tutorial to see this amazing feature in action inside your API Hub. Check out this FAQ on how to use the PDF Splitter. PDF Splitter handles the full range of 38+ languages from Spanish to Czech, providing the technical worldwide coverage that cosmopolitan companies like yours need. The team also implemented enhanced delineators to offer superbly precise extraction. This feature allows the splitting of PDF files containing W2 forms to assist human resources departments and legal departments to quickly comb through combined PDFs that may contain a receipt alongside a W2 form, for example.

    Helping You Fight Fraud: Duplicate Spike Alarm

    No one wants to get a surprise bill for extra transactions they didn’t intend or need to process. We have seen two common root causes: end customers submitting the same receipt multiple times sometimes as part of a fraud attack and developer test cases gone rogue. In both these situations we see a spike in duplicate documents beyond the normal level. We have added a new configurable alert to warn you of these situations. Read all about how to set up and configure your duplicate spike alarm in this FAQ Documentation.

    Helping You Enhance Security: Single Sign-On

    We are excited to introduce Single Sign-On (SSO) integration functionality, providing a seamless and secure login experience via your 3rd party SSO service. SSO eliminates the need for multiple login credentials, saving your Veryfi Hub users time and reducing the risk of password-related vulnerabilities. Using SSO is a more centralized way to manage users and permissions, ensuring password policies and monitoring access control. We recently rolled this feature out for a handful of customers and the SSO functionality is being received immensely well, citing improvements to overall member productivity and infrastructure security thanks to simplified onboarding and off-boarding for administrators who log into Veryfi OCR API every day! Reach out to us if you’re interested in implementing! Instructions are here for logging in to your Veryfi API using Okta SSO.

    Major Product Developments: Veryfi Lens for Web Browser

    Extensive feedback from adopters of Veryfi Lens for Web Browser-including PepsiCo-have been extremely exciting. You know those lengthy CVS and Costco receipts? Yes, you can now capture that information too! We are happy to announce that the much anticipated addition of the Long Receipt feature in Lens for Web Browser is available for testing. This continues our effort to provide a similar feature to Veryfi Lens for native apps (iOS and Android). Feel free to play with Lens for Web Browser here or scan the QR code below to try Lens for Web Browser on your mobile phone’s default browser. Reach out to us to implement Lens for Web Browser swiftly into your progressive web apps and mobile apps.

    Veryfi Lens for Web Browser provides advanced data capture functionality to improve the customer experience and data extraction quality, at scale, without requiring the download of a native application. Users can capture documents directly from a browser-based application, regardless of device type, and without requiring the user to install anything. If you are looking to increase mobile user engagement and conversion rates, PWA apps are a compelling improvement. By lowering users’ barriers to entry using Lens for Web Browser OCR, companies are seeing higher loyalty program and product adoption signups, engagement, and conversion rates.

    (Veryfi Lens for Web Browser : Scan to Demo on Mobile Phone’s Browser)

    Who is Lens for Web Browser made for?

    CPG loyalty programs and agencies working with CPG brands love Veryfi Lens for Web Browser for providing a low-barrier, extremely user-friendly receipt capture solution for collecting much desired, but hard to get: first-party data. For long receipts, Veryfi Lens for Web Browser allows users to capture the long receipt in one single scan. Without needing to take multiple, separate photos of a receipt, companies get a complete and accurate scan that is ready for extraction using Veryfi API.

    Fintech products love Veryfi Lens for Web Browser for all the same reasons and more: it makes any document reading task simple without requiring the user to download an app. Travel receipts? Scan with Lens. Job costing invoices? Scan with Lens. When looking to increase user engagement and conversion on mobile, provide both a mobile website experience and a progressive web app experience by integrating Veryfi Lens for Web Browser.