Sensibill, customer data Platform designed specifically for the financial services industry, today announced the launch of its invoice extraction tool API. Sensibill has extended its industry-leading extraction services beyond its Receipt Extraction API to include invoices, providing another source of customer data for financial services companies.
Sensibill’s advanced invoice extraction solution enables small businesses to download paper and digital invoices seamlessly and quickly. Unlike other options on the market, the process is fully automated, helping small businesses like accounting firms reduce errors, costs, and manual entry time. Proprietary optical character recognition (OCR) and sophisticated machine learning ( ML) categorizes, normalizes and also structures all key invoice fields including over 150 data fields including merchant, total, items, taxes, invoice number, due dates, amount due, etc. As a result, financial services companies achieve clear, structured results in industry standard formats, providing unprecedented insight into the psychography, behaviors, and needs of their small business clients.
Craig Agulnek, Vice President of Products at Sensibill, said: âAs we continue to expand the types of financial documents we analyze, exciting new possibilities are emerging for us and our clients. With our best-in-class invoice retrieval solution, which is built on industry leading security and privacy standards, small businesses can streamline what was a historically cumbersome process, making invoices easily understandable and tracking categorizing them at the article level in real time. Not only does this improve efficiency and accuracy, but it enables financial services companies to better understand their small business clients, thereby contributing to revenue growth and a stronger competitive position.
Sensibill’s solution is lightweight, easy to integrate, and developer friendly; financial services companies don’t need technical knowledge or expertise to start extracting invoices in minutes. Ideal for accounting and expense management providers, this solution is suitable for all merchants of all sizes and supports a variety of invoice formats. By streamlining and automating invoice retrieval, these businesses can eliminate manual data entry for their finance teams, reducing manual errors and increasing efficiency. Businesses can then use this information to provide greater visibility into clients’ business expenses, highlight more proactive savings, recommend additional products and services, help them prepare for tax season, and more. Those using both the Invoice and Receipt Extractor API can gain deeper insight into customer spend and personalize experiences at scale. Agulnek added, âThe combination of these products makes customization efforts achievable and achievable for any business. “