Sensibill, which provides SKU-level data and financial tools for companies, has launched Receipt Extraction API, a machine learning (ML)-based solution that automates and streamlines the transcription of receipts.
According to a press release, the service will help businesses deepen engagement and engender customer loyalty.
Receipt Extraction API, the release stated, is powered by multi-brain processing and leverages multiple optical charter recognition (OCR) engines and ML in order to deliver accurate results.
The service can be used by businesses like enterprise accounting firms to reduce cost, the release stated. Financial services companies, such as accounting software or personal finance management providers, can use the SKU-level data to personalize their services. Loyalty and rewards companies can use it to deliver rewards to users quicker.
Sensibill CEO Corey Gross said in the release that there's a "new urgency around cost savings, efficiencies, digital engagement and innovation in otherwise mature markets."
"Our Receipt Extraction API offering uses smart technology to extract receipts in bulk with speed and precision," he said, according to the release. "We are excited to help a broader range of organizations as they work to quickly and efficiently unlock the power of SKU-level data to drive deeper digital engagement and loyalty with their customers."
Last year, Sensibill partnered with the U.K.'s Metro Bank on a new corporate expense management solution, PYMNTS reported. The service provided automatic data capture for receipts, meant to be used by professionals traveling for work.
Metro Bank's plan was to augment the service with bookkeeping, VAT and invoicing capabilities, integrated into the app and able to work with cloud accounting service providers. The idea was to save time on activities like chasing invoices and keeping track of receipts, and the tech was "just the first piece of the puzzle" toward a much larger ecosystem to aid small businesses, according to the report.