ASX-listed fintech developer 8common has adopted Sypht’s AI-driven optical character recognition (OCR) solution for its Expense8 travel expense management platform.

The integration of Sypht will enable 8common to enhance the quick and accurate extraction of key information from receipts for direct upload to expense8, which has been adopted by 27 Australian Federal Government agencies and rolled out to over 17,000 users.

8common will be implementing Sypht’s new document intelligence capabilities for the Federal Treasury in Q2 FY21.

It will also leverage Sypht’s document intelligence capabilities in the recently announced CardHero program, which leverages the expense8 platform.

Andrew Bond, 8common’s CEO said, “Sypht’s OCR technology will continually learn how to extract and interpret key information from receipts, which in turn continues to improve accuracy and allows for further automation of transaction entry and reconciliation.

“As a product led company, 8common is continuously driving innovation and committed to delivering great customer experience.”

Sypht CEO, Mr Warren Billington said, “There is a strong focus for many enterprises to accelerate their digital transformation journeys and documents are still a major impediment to realising the benefits of that transformation.

“Manual processing of documents is time-consuming, error prone and delivers a poor customer experience.”