WAY2VAT Receives Industry-First Patent for Automated Invoice Analysis
Patent establishes the core for an AI based VAT reclaim and expense management solution.
- (1888PressRelease) July 11, 2018 - WAY2VAT is proud to announce it was granted a patent with the USPTO, designed to be the first invention of its kind to combine AI technology: computer vision, natural language processing and OCR (Optical Character Recognition) with a One Click to Claim VAT and expense management process for invoices and receipts.
The WAY2VATsolution addresses the growing need for automatic generation of invoice-associated data analysis reports and VAT management for business travelers and finance departments. VAT management and data reports are based on invoice images uploaded onto a proprietary data analysis platform. WAY2VAT can decipher any invoice – torn, crumpled, stained and handwritten. The solution can accurately identify and process information regardless of the shape, format, lighting, and alignment of data fields on the invoice.
WAY2VAT is the only VAT vendor in the market to be granted a patent for an automated invoice analysis system. The new patent has exciting and far-reaching implications for WAY2VAT’s success as a leading fintech company.
The patent is split into two parts: computer vision and language processing for invoice analysis (the origins of Automated Invoice Analysis, or AIA), and expense management from the analyzed invoices. The patent leverages WAY2VAT’s image preprocessing pipeline and language processing - including handling OCR errors, inferring expense types from the invoice text, etc. The patent also covers the method WAY2VAT obtains invoices (from mobile phones, scan batches, etc.), and how those invoices are pushed through the backend to produce VAT reclaim reports. For expense management, the patent details what WAY2VAT extracts from an invoice to perform VAT reclaim, including: amounts, VAT ID, other vendor info, dates and times, location, and other information.
WAY2VAT is working on several other patents, covering a wide range of topics from machine learning to other inventive approaches to VAT reclaim.
To learn more about the WAY2VAT patent, visit: https://patents.google.com/patent/US20180012268A1/en
About WAY2VAT
WAY2VAT is the only company today that provides a fully automated end to end VAT reclaim solution and expense management ecosystem. Our patented and revolutionary artificial inelegance technology and “AIA” (Automated Invoice Analyzer) capabilities enables our one-click to claim solution for invoice capturing and travel report generation. WAY2VAT's cloud-based solution and big data analytics is available on smartphones and on the web…anytime, anywhere and in any language.
To learn more about WAY2VAT, visit www.way2vat.com, read our blog www.way2vat.com/blog
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