HighRadius’ Office of the CFO Software Awarded Patent on Automated Financial Transaction Matching
HighRadius has 37 issued and pending US patents, the latest of which was awarded for machine learning models that predict and replace misrecognized financial information.
Houston, TX - December 31, 2024 - HighRadius today announced that it has been awarded an exclusive patent by the United States Patent and Trademark Office for a Machine Learning (ML)-based system and method for correcting image data.
What does this patented technology do?
By addressing the limitations of optical character recognition (OCR) engines, the new approach significantly reduces the need for manual verification, while enhancing accuracy. It is most effective in low-quality documents with distorted images or poor-quality paper. For example, featuring similar-looking characters, such as ‘O’ and ‘0’, ‘c’ and ‘e’ and ‘1’ and ‘I’.
How does HighRadius create value through this technology?
This patent (# US 12,154,357 B2) is one among HighRadius’ portfolio of human-computer interaction innovations. HighRadius’ Cash Application software uses this and other AI-driven data capture techniques to provide 85%+ process automation. Most scanned documents (such as checks) have an image resolution under 300 dpi (dots per inch). The low resolution makes it difficult to differentiate between similar-looking characters. This difficulty leads to costly errors in image capture data, which would require more time and resources to ensure the accuracy of the results. This technique pre-empts such mistakes and corrects them, making the process error-free and efficient.
“This patent shows our obsession with finding ways to make our customers’ lives easier and their businesses more profitable. Most of our client companies process thousands of checks a day, and many have custom notes written on them. Traditional OCR often struggles to recognize such exceptions, as these nuances cannot be templatized. Our technology accurately extracts data, even when it’s scrawled in the memo line or squeezed between lines. This granular level of data capture ensures that every transaction is processed with precision, eliminating human intervention and reducing costly errors.” said Prasanna Boni, SVP-Product at HighRadius
About HighRadius
HighRadius offers cloud-based autonomous software designed to revolutionize the Office of the CFO. Leveraging AI, RPA, NLP, and connected workspaces, HighRadius’ software automates and optimizes Order-to-Cash, Treasury, Record-to-Report, B2B Payments, and Accounts Payable processes. With 2700+ implementations across 1,000 leading companies, including 3M, Unilever, and Hershey's, HighRadius enables finance teams to achieve operational excellence and measurable business outcomes, enhancing productivity and reducing operational costs, all within six months.
For more information, visit HighRadius’ Website
Media Contact
HighRadius Communications Team
press@highradius.com
