Sensibill launches smart tech to extract receipt data

By Robin Amlot

Sensibill, a provider of SKU-level data and financial tools including digital receipt management, has announced the launch of its newest product: Receipt Extraction API. The machine learning-based solution automates and streamlines the transcription of receipts, allowing businesses to deepen customer engagement and loyalty at scale.

Sensibill’s Receipt Extraction API solution will benefit a wide range of businesses that need to quickly and accurately extract receipt data at scale. For example, enterprise accounting firms can use the service to reduce costs and maintain profitability, despite economic pressures. Financial services companies like accounting software and PFM providers can gain access to SKU-level data to drive personalisation.

“There is a new urgency around cost savings, efficiencies, digital engagement and innovation in otherwise mature markets,” said Corey Gross, CEO of Sensibill. “Our Receipt Extraction API offering uses smart technology to extract receipts in bulk with speed and precision. At Sensibill, we are proven experts in SKU-level data; it’s what we’ve focused on for the past seven years and why leading institutions and digital banking and core providers across the globe have partnered with us. 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.”

Receipt Extraction API is powered by multi-brain processing, leveraging multiple OCR engines and machine learning models to maximise accuracy.

Toronto-based Sensibill provides financial tools like digital receipt management and SKU-level data to help banks and credit unions. The cloud-based solution enables end users to track spending and manage their finances, while unlocking insights for the institution. Sensibill has partnered with approximately 80 financial institutions across North America and the UK.