Quarterly Product Developments: Fall 2023

November 30, 2023
3 mins read
Quarterly Product Developments: Fall 2023

    Sharper Data Extraction

    In recent months, our team has dedicated significant efforts to increase the precision and efficiency of data extractions across all Veryfi OCR APIs. Noteworthy updates include the introduction of new fields for the Receipts & Invoices API, multiple model releases focused on extracting bank details from invoices, and on extracting data from CPG receipts.

    For enhancing efficiency of extraction for W2s, we introduced PDF Splitter, which allows users to extract multiple documents simultaneously from a single joint PDF document containing numerous W2s. In the W9 API, support for confidence details and bounding boxes have been implemented, along with new models designed to instantly validate SSN, EIN, and names fields. Additionally, Bank Checks API has the capability to detect the back of bank checks and to more efficiently complete decoding of MICR (magnetic ink character recognition strip that is unique to every check).

    Subscribe to Model Release Notifications to get detailed updates on continuous improvements in data extraction. Go to API Portal > Company Settings to sign yourself or your team members up. Further information on signing up is here.

    Veryfi OCR API portal for subscribing to model release notifications

    Continuously Improving Bank Statements OCR API

    Bank Statements OCR API continues to improve its range of extraction, efficiency, and precision. Check out how to process bank statements inside Veryfi API Documentation. We’ve successfully implemented bug fixes into Bank Statements OCR API, which enhances the processing of international bank statements from non-English speaking countries. These updates have led to better precision-recall metrics across all bank statements, ensuring more accurate extraction. What is the purpose of enabling all these capabilities within Bank Statements OCR API? To enable users to read, analyze, and reconcile bank statements with accuracy.

    We encourage you to join the thousands of people who’ve begun using this OCR API in Beta. Feel free to send us your opinions and feedback to Hello@Veryfi.com as we continue to shape this API.

    Explore Fresh API Documentation

    Our commitment to transparency and accessibility has led us to revamp our API Documentation. We are thrilled to announce that our new API documentation is now publicly available, allowing you to share documentation with your developers without any blockers like needing to access your Company’s Veryfi account. The library of documentation ensures you can effortlessly integrate Veryfi’s products into your systems using detailed guides. Inside API Documentation Portal, you can go into the search bar and bring up anything you’d like to find out. For a guided discovery, go into the left navigation bar to browse for topics based on Veryfi products.

    Veryfi API Documentation to ease developers with integration guides and knowledge base

    New Product Matching

    We understand that accurate product data is critical for CPGs & Loyalty Platforms. Veryfi created Product Matching to allow CPGs to gain better understandings of purchasing behaviors and purchaser trends. Who are the people buying Pepsi? What Pepsi products are being bought alongside Pepsi or its competitor Coca-Cola? 

    This functionality matches a product on any receipt with its exact Universal Product Code (UPC) or European Article Number (EAN), leveraging the rest of the data inside that receipt to unlock cross-basket insights. We compared Kraft Heinz and Hormel Foods, and the results of sales on specific products and purchasing trends are relevatory! Do you know what’s the most popular item being purchased alongside coffee drinks? Find out here! Veryfi Product Matching is a game-changer for not only CPG brands, but also retailers, wholesalers, and e-commerce platforms as it enables all players to utilize existing data to boost sales volumes and other KPIs.

    Veryfi OCR API does product matching

    As we make strides, we remain committed to our mission of empowering businesses with advanced OCR APIs and document capture solutions. Please reach out to us with questions, suggestions, and feedback. We look forward to our bright future ahead. #VeryfiCommunity. Interested in learning more about Veryfi Product Matching? Contact Sales@Veryfi.com