WAY2VAT granted first-ever patent for Automated Invoice Analysis
We’re proud to announce that our latest patent has been granted by the USPTO. The patent establishes the core for our AI based VAT reclaim and expense management solution.
The patent outlines our combined AI technology: computer vision, natural language processing and OCR (Optical Character Recognition) within our One Click to Claim VAT and expense management process for invoices and receipts.
Our solution 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.
We are proud to be 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 our 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.
We are currently 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
For more information please contact us