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The integrated platform solution with Google Cloud Procurement DocAI will allow Banqup Group to advance its digitalisation offering and streamline the processing of unstructured transactional data e.g. invoices.
Optical Character Recognition (OCR) technology, built on Google Cloud’s Document Artificial Intelligence (DocAI) capabilities, will significantly improve data extraction from any document format while reducing costs, increasing accuracy and enhancing user experience.
Banqup Group (Euronext: BANQ), a prominent European FinTech, announces a collaboration with Google Cloud to advance its document digitalisation capabilities, leveraging Google Cloud’s Procurement DocAI.
Businesses seek to digitalise their financial value chain: from contract or order, to invoice, to payment, including financing. This requires trusted networks between diverse economic operators. Banqup Group empowers such networks and streamlines complex business ecosystems, particularly within SME ecosystems. In practice, Banqup Group develops and manages platforms for document and transaction processing (e.g., invoices), electronic payments, identity and value-added services. It is the Group’s mission to support SME businesses in their transition from paper-prone processes to automated digital bill-to-pay processes. This mission will come to fruition with Banqup Group’s application of Google Cloud’s Procurement DocAI.
This collaboration allows Banqup Group to integrate Procurement DocAI capabilities into its SaaS-platform offerings. By including this advanced OCR-technology, computer vision, and Natural Language Processing, the data extraction from any document type will significantly reduce costs and improve processing accuracy and time. These documents can be invoices and receipts, but also contracts and car documents. OCR allows the software of Banqup to convert these documents into structured data ready for further synchronisation with accounting systems and ERP-systems.
Procurement DocAI offers support for over 200 languages and Google Cloud’s infrastructure allows Banqup Group to meet all country specific requirements such as local document storage. The collaboration is fully aligned with Banqup Group’s European and global growth strategy. It will allow the company to further optimize internal costs structures and scale required capacity when needed.
Banqup Group believes AI-driven processes will be instrumental in the future development of its SME ecosystems, e.g. in fraud prevention for its payment services linked to invoice document processing.
“At Banqup, we believe that administrative and financial processes should be simple and smart. Google Cloud’s DocAI solution helps us to achieve that goal by providing the best in class document automation processing solution with high accuracy and global, multi-language support,” Hans Leybaert, founder Banqup Group.
With Banqup Group annually processing over 350 million documents the performance of Google Cloud’s AI-driven platform will improve.
“We are very excited for the journey we have ahead with Banqup. Google Cloud in Belgium is on a mission to accelerate the ability for enterprises to digitally transform and reimagine their business through data-powered innovation. Banqup's use of DocAI will help Google to further develop and innovate the product and make document AI processing better.” Edward Boute, Head of Google Cloud Belux.
The collaboration commences on January 1st 2021, for a period of six years.
Warning about future statements: The statements contained herein may contain forecasts, future expectations, opinions and other future-oriented statements concerning the expected further performance of Banqup Group on the markets in which it is active. Such future-oriented statements are based on the current insights and assumptions of management concerning future events. They naturally include known and unknown risks, uncertainties and other factors, which seem justified at the time that the statements are made, but may possibly turn out to be inaccurate. The actual results, performance or events may differ essentially from the results, performance or events which are expressed or implied in such future-oriented statements. Except where required by the applicable legislation, Banqup Group shall assume no obligation to update, elucidate or improve future-oriented statements in this press release in the light of new information, future events or other elements and shall not be held liable on that account. The reader is warned not to rely unduly on future-oriented statements.
Information correct as of press release publish date 21st October 2020.