Summarize this article with:
- The final step consists of data extraction and categorization, where it classifies the extracted text into keys and tags like tax and total amount, it's based on deep learning algorithms and NER...
- Mindee helps software product teams build lightning-fast, accurate, and robust document processing automation features in their applications.
- We want our users to have access to multiple OCR Invoice engines and manage them in one place so they can reach high performance, optimize cost and cover all their needs.
- You need to set up a provider API that is requested if and only if the main OCR Invoice API does not perform well (or is down).
- After the testing phase, you will be able to build a mapping of providers performance based on the criteria you have chosen.
In this article, we will introduce our top 10 OCR Invoice Parser, how to choose and access the right engine according to your data.
How does Invoice OCR API work ?
Invoice OCR is a set of OCR technologies that enable automatic extraction of data from invoices. This technology allows companies to eliminate manual invoice processing and accelerates a time consuming and costly process by extracting structured data from invoices. The extracted data includes: invoice number, supplier data, amount, date, header, description, quantity, tax amount, total amount, etc.
If you also work with other types of financial documents, have a look at our list of best financial document APIs.
This technology is built on multiple steps. The first step consists of preprocessing the image, usually the scanned invoices are noisy so a preprocessing with noise removal and gray scaling are needed. This step is necessary for the text extraction engines to work well.
Next step is text detection with OCR. It extracts a text from various file types: PDF, DOCX, JPEG, PNG, etc. Their goal is only to get the texts in the document without dealing with the structure of the document.
The final step consists of data extraction and categorization, where it classifies the extracted text into keys and tags like tax and total amount, it's based on deep learning algorithms and NER (Named Entity Recognition).
The final result of the parsing is a structured form that can be readable by the computer. It's often a JSON, XML or even a CSV file; this makes it easy to be stored into a database and automatically analyzed.
Top 10 OCR Invoice Parser APIs
1. Affinda - Available on Eden AI
Affinda is an AI-powered document processing platform that specializes in extracting structured data from a wide range of document types. Affinda offers a suite of document AI tools covering HR, finance, legal, and logistics. Its strengths are its document understanding capabilities, which allow it to extract data from complex and variable invoice layouts, as well as the ability to train custom models for specialized extraction needs.
2. AWS - Available on Eden AI
AWS (Amazon Web Services) Textract is a machine learning service that automatically extracts text and data from scanned documents. Amazon Textract goes beyond simple OCR to also identify the contents of fields in forms and information stored in tables. Amazon Textract is highly scalable and can process millions of document pages per month, making it ideal for large-scale invoice processing use cases.
3. Base64 - Available on Eden AI
Base64.ai is a cloud-based artificial intelligence service that instantly and accurately extracts text, data, handwriting, photos, and signatures from all types of documents, including IDs, driver licenses, passports, visas, receipts, invoices, forms, and hundreds of other document types worldwide. In seconds, Base64.ai discerns the document's type, extracts the relevant information, verifies the results, and integrates them into the customer's systems.
4. Dataleon - Available on Eden AI
Dataleon provides the best Machine Learning tools for data automation and processing. Ready-to-use API for data recognition and extraction are available to accelerate digital transformation powered by artificial intelligence. To resolve in the best way company's issues, Dataleon develops innovative automation and adjustable solutions available in the cloud with AI.
5. Klippa - Available on Eden AI
Klippa offers data & AI consulting and AI-powered SaaS solutions for automating your administrative tasks and workflows based on documents and images. Klippa offers solutions for scanning, expense management, invoice processing, KYC, loyalty, logistics, and back-office automation. These solutions are available as an end-to-end solutions, but also as RPA components, APIs and SDKs.
6. Microsoft Azure - Available on Eden AI
Microsoft Azure offers an OCR service as part of its Cognitive Services suite. The Azure Form Recognizer service can be used to extract structured data from invoices, including line items, total amounts, taxes, and other fields. It uses machine learning models to understand the structure of invoices and can be customized for specific invoice formats, making it a flexible solution for invoice processing.
7. Mindee - Available on Eden AI
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Mindee helps software product teams build lightning-fast, accurate, and robust document processing automation features in their applications. Their API gives developers access to state-of-the-art deep learning algorithms for document parsing through an easy-to-use and developer-centric platform. The full extraction process is performed without any humans in the loop, allowing you to offer real-time experience with a maximum level of data privacy.
8. Rossum
Rossum solves four key steps in document-based processes at once: receiving documents across multiple channels, automated understanding, two-way communication to resolve exceptions, and acting on the data using in-depth integrations. In typical real-world scenarios, Rossum's proprietary AI engine outranks narrow data extraction solutions in accuracy. Rossum's goal for every use case is at minimum a 90% document processing speed increase.
9. Veryfi
Veryfi uses its innovative AI software to provide Intelligent Document Processing. Veryfi AI is pre-trained to extract and transform unstructured data from receipts, invoices, purchase orders, checks, W2s and other business documents into structured data, in seconds, without a human in the loop.
Why choose Eden AI to manage your APIs?
Companies and developers from a wide range of industries use Eden AI's unique API to easily integrate OCR Invoice tasks in their cloud-based applications, without having to build their own solutions. Eden AI offers multiple AI APIs on its platform amongst several technologies.
We want our users to have access to multiple OCR Invoice engines and manage them in one place so they can reach high performance, optimize cost and cover all their needs. There are many reasons for using multiple APIs:
Fallback provider
You need to set up a provider API that is requested if and only if the main OCR Invoice API does not perform well (or is down). You can use confidence score returned or other methods to check provider accuracy.
Performance optimization
After the testing phase, you will be able to build a mapping of providers performance based on the criteria you have chosen. Each data that you need to process will then be sent to the best OCR Invoice API.
Cost optimization
You can choose the cheapest OCR Invoice provider that performs well for your data.
Combine multiple AI APIs
This approach is required if you look for extremely high accuracy. The combination leads to higher costs but allows your AI service to be safe and accurate.
How Eden AI can help you?
Eden AI is the future of AI usage in companies. Eden AI allows you to call multiple AI APIs.
- Centralized and fully monitored billing on Eden AI for all OCR Invoice APIs
- Unified API for all providers: simple and standard to use, quick switch between providers
- Standardized response format: the JSON output format is the same for all suppliers
- The best Artificial Intelligence APIs in the market are available
- Data protection: Eden AI will not store or use any data. Possibility to filter to use only GDPR engines.
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