Routable Debuts Optical Character Recognition for Invoice Processing

Business payments platform Routable has expanded its capabilities, adding new features for automated invoice data entry, a press release said.

The company has added Optical Character Recognition (OCR), which will let the Routable platform automatically scan invoices and create payables. This will make it so that enterprise and mid-market companies can maximize full-scale payout automation and process “hundreds” of invoices at the same time.

The company noted in the press release the effectiveness of automating data entry, which has been proven to cut down on bill coding time by up to three minutes per invoice.

The company said OCR will come with features like more payout efficiency and vendor matching. It will also offer split attachments for mass payouts, allowing users to make payables for every attachment when more than one file is sent in an email.

Omri Mor, Co-Founder and CEO of Routable, said: “Today, we’re seeing AP solutions play a critical role for businesses who are experiencing unprecedented growth, particularly with automated invoice processing. Improving productivity is critical to a business’ bottom line and teams who aren’t taking advantage of automation, are wasting valuable time by scanning through invoices and inputting information manually.”

Routable and PYMNTS recently put out a report, “Accounts Payable Automation: Online Marketplaces and the Challenge with High Volume Payouts,” which showed the volume of marketplace executives saying the amount of AP would just keep growing in the next three years.

Read more: Automating AP Operations a Boon for Online Marketplaces

The growth will see challenges in terms of making sure payments get to where they need to go.

About 94% of those that participated said a big priority for them is making innovations to their AP platforms. It comes as 79% of those involved in the study say innovation will probably be able to speed up the processing of payables.