Way2VAT Ltd (ASX:W2V), a global leader in automated value-added tax (VAT) recovery solutions, has secured a new patent for its advanced document image understanding capability, powered by the company's proprietary W2V AI technology.
The company was granted patent for its unique ‘Image-2-Line’ solution, which will make it the world’s first fully automated, end-to-end VAT/GST reclaim platform.
On the finance front, the system reduces overall processing costs while minimising pre-processing efforts by data analysts, all while generating significant ROI for business units.
Significant milestone
Way2VAT founder and CEO Amos Simantov said: “This patent is a significant milestone for us, further solidifying our position as industry leaders and validating our commitment to cutting-edge solutions that deliver innovation in the field of visual and linguistic data retrieval.
“As travel restrictions begin to loosen, finance teams are once again reviewing invoices and attempting to recover their portion of the €16 billion in unclaimed VAT that is spent in foreign countries.
“Collecting unclaimed VAT can be complex, and that complexity is amplified by invoices that come in multiple formats, shapes and conditions.
“Multiple invoices frequently appear on a single page, requiring data analysts to scan, crop and upload invoices individually.
“After completing this drawn-out process, scanned images need to be matched to the relevant expense line.
“As a result, finance departments find themselves leaving VAT unclaimed, at a cost of 4%10% of their travel and expense budget.”
Sixth patent
The newly granted patent termed ‘Systems and Methods for Neuronal Visual Linguistic Data Retrieval from an Imaged Document,’ is issued by the United States Patent and Trademark Office.
This marks the sixth patent in the Way2VAT’s innovative technology suite that underpins its automated approach to VAT reclaim submissions.
Addresses formatting challenges
The patented Automated Invoice Analyzer (AIA) can process multiple invoices on a single page, autonomously cropping it into individual invoice files.
Employing optical character recognition technology, the platform matches invoices with the corresponding expense line in the report, streamlining the process of VAT reclaim.
Way2VAT's Image-2-Line solution directly addresses the formatting challenges that finance departments often encounter when extracting reports from expense management systems like SAP Concur.
Simantov added: “Our patented artificial intelligence technology eliminates time-consuming pre-processing work, reducing overall costs while increasing reclaimed VAT by up to 30%.
“Way2VAT’s six patents and four provisional and pending applications, are 100% owned by Way2VAT, having been developed in-house and are free from royalty and/or licensing obligations.”