CloudTrade launches Cloud Capture to manage the long-tail

Thursday 14 December 2017 08:00 CET | News

CloudTrade, the provider e-invoicing and e-document processing services, has launched its Cloud Capture service to enable customers and their suppliers to process all their invoices through CloudTrade’s platform.

CloudTrade’s partnership with Mitie’s Document Management business will add Optical Character Recognition (OCR) and data extraction functionalities to CloudTrade’s patent protected e-invoicing and e-document solution, enabling users to process all human-readable documents and to extract data from structured and semi-structured documents. The partnership benefits both organisations and their customers by providing an agile solution, catering for all inbound invoices.

Optical Character Recognition (OCR) offers another way of interpreting human-readable documents and to extract data from them. The Cloud Capture service allows us to extract data from scanned images of structured and semi-structured documents, meaning our users can now process 100% of their invoices through the platform.

According to CoudTrade, their patented technology has enabled documents, supplier invoices and customer orders, to be received as text PDFs and automatically converted into an e-document structure. We map the data embedded within the PDF as created by the originating system and convert this into a format accepted by the recipient.

CloudTrade’s patent-protected software uses unique rules based technology with backward tracking search, to interpret, validate, and extrapolate semantic meaning from documents of any type. So, whether its invoices, sales and purchase orders and advanced shipping notices, CloudTrade processes them automatically.
Although CloudTrade offers suppliers a number of ways to send their electronic invoice (including direct XML / EDI), by far the most popular approach is for a supplier to simply send an application generated PDF via email. When an application generates a PDF, in almost all instances it will be a text PDF. CloudTrade reads the document text straight from the PDF without the use of OCR.

Cloud Capture compliments the core e-invoicing and e-document services, by managing the long tail of low volume sending parties that are unable to send a text based document and instead send an image or original paper document.

For more information about CloudTrade, please check out a detailed profile of this company in our dedicated, industry-specific online companies database.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: CloudTrade, e-invoicing, payments, Mitie, optical character recognition, Cloud Capture
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech