Technology Reverse Matches Data Extracted from Documents with Systems of Record; Ensures Accuracy and Validity
Kofax plc (LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today reported it has been issued patent number 8,345,981 by the US Patent and Trademark Office. The patent covers technology that determines the validity of data extracted from documents by reverse matching the extracted data with information contained in an organization’s systems of record, such as an ERP system, and corrects erroneous or suspicious extracted data, thus ensuring its accuracy. This is accomplished in a fully automated manner, which reduces manual, labor intensive work and speeds processing. The technology was invented to address the error-prone and process delaying challenges facing organizations with large volumes of business transaction documents, including purchase orders, invoices and receiving information.
“Transactional documents are mainly designed for human readability. They are received in both paper and electronic formats and the layout and language within the documents differ vastly between parties, which makes the reverse matching capability extremely beneficial for ensuring accuracy and processing speed,” stated Anthony Macciola, chief technology officer at Kofax. “The technology embodied in this patent exemplifies Kofax's commitment to continually innovate and develop smart solutions that drive business value to customers.”
The technology encompassed within this patent is currently being used within Kofax Transformation ModulesTM for its ability to locate and match line items within invoices used in accounts payable automation solutions. Potential future applications of the patented technology could include, for example, explanation of benefits (EOBs) forms.
Kofax has 18 issued US patents and 13 issued foreign patents relating to digital image quality, data capture capabilities, and business process technologies. It also has 37 patent applications pending worldwide.