What is Invoice Parser API?
Invoice Parser can extract data from an invoice in a structured format, including customer name, billing address, line items, quantities, prices, total amounts due, and more. By integrating Optical Character Recognition (OCR) technology with other advanced technologies, such as machine learning and natural language processing (NLP), Invoice Parser API can accurately extract data from a variety of formats (PDF, scanned image, etc.) while ensuring that the extracted information is relevant, saving businesses time and effort.
Invoice Parsing APIs are commonly used in accounts payable departments to automate the process of invoice processing and reduce the need for manual data entry.
Invoice Parser APIs uses cases
OCR Invoice technology offers a powerful solution for extracting data from invoices and using it to automate the creation of legal documents. This versatile technology has the potential to streamline a wide range of tasks across different industries, including Finance, Accounting, Retail, and Supply Chain Management, among others, based on their specific needs.
By implementing Invoice Parsing API, businesses can significantly reduce the time and resources required for manual data entry and document creation. This, in turn, can improve overall efficiency, reduce errors and boost productivity.
Best Invoice Parser APIs on the market
While comparing Invoice Parser APIs, it is crucial to consider different aspects, among others, cost security and privacy. Invoice Parser experts at Eden AI tested, compared, and used many Invoice Parser APIs of the market. Here are some actors that perform well (in alphabetical order):
- Affinda
- AWS
- Base64
- Dataleon
- Google Cloud
- Klippa
- Microsoft Azure
- Mindee
- Rossum
- Veryfi
1. Affinda - Available on Eden AI
Affinda offers an innovative solution that can handle a wide range of invoice formats, including PDF, JPG, and PNG. Affinda's invoice parser is powered by Adaptive Recognition, which means it can adapt to new formats automatically, eliminating the need for manual adaptation.
One of its standout features is Visual AI, as it uses machine learning algorithms to learn from mistakes and identify key fields across a wide variety of invoice layouts.
2. AWS - Amazon Textract - Available on Eden AI
AWS provides a sophisticated Invoice Parser through Amazon Textract API, which leverages advanced machine learning algorithms to understand the context of invoices, even for various formats and layouts. Moreover, Amazon Textract can identify vendor names that are critical for your workflows even if it's not explicitly labeled. For example, it can find the vendor name on an invoice even if it's only indicated within a logo. Additionally, Amazon Textract makes it easy for you to consolidate input from diverse invoices that use different words for the same concept.
3. Base64 - Available on Eden AI
This API uses advanced machine learning and NLP algorithms to extract and decode critical data from invoices (invoice number, date, total amount, vendor information, etc.) with speed and high accuracy. Base64’s solution has the ability to handle complex invoices with multiple line items and varying formats, including scanned PDFs, images, and emails. In addition, their solution is highly customizable and can be easily integrated into existing software systems, requiring no hardware or templates.
4. Dataleon - Available on Eden AI
With their innovative technology, Dataleon can extract data in real-time from various invoice formats, including PDF, paper, and printed invoices. Using deep learning technology, the API can easily convert unstructured invoice data into structured data such as supplier names and addresses, as well as important dates or invoice amount. In addition, Dataleon's Invoice Parser API is designed to extract data in multiple languages, including Latin and European languages.
5. Google Cloud - Available on Eden AI
Google Cloud provides a solution that can extract text and values from invoices, including header and line item fields. By using advanced machine learning models, the technology ensures that extracted data is accurate and reliable. Additionally, the API is highly scalable, meaning it can handle large volumes of invoices with ease.
6. Klippa - Available on Eden AI
The API extracts key information from invoices, such as vendor name, invoice number, date, line items, and total amount, with high accuracy using advanced machine learning algorithms. Klippa’s solution stands out for its ability to handle complex invoices with multiple pages and tables, making it an ideal solution for companies that deal with a high volume of invoices. Additionally, Klippa offers flexible pricing plans and customizable features, allowing businesses to tailor the API to their specific needs.
7. Microsoft Azure - Available on Eden AI
Azure's Invoice Parser API, powered by the Form Recognizer model, is a robust and reliable solution. The API uses advanced OCR capabilities to accurately extract key fields and line items from invoices in various formats and quality, including phone-captured images, scanned documents, and digital PDFs. The API also supports utility bills, sales orders and purchase orders.
8. Mindee - Available on Eden AI
Mindee provides an Invoice Parser API that combine state-of-the-art deep learning techniques in computer vision and NLP. One of the main benefits of Mindee's solution is its lightning-fast speed, enabling real-time data extraction through a continuously optimized inference pipeline.
9. Rossum
Rossum offers a comprehensive solution for Invoice Parsing. The API is capable of automating all document processing tasks, including duplicate management, rotations, and pagination while adapting to layout changes, saving time and improving extraction results. With Rossum's AI, businesses can extract data from any type of invoice, even those it has never seen before, and in any language that uses a Latin script. The AI is self-learning, continuously improving its accuracy through pre-trained models and continuous training protocols.
10. Veryfi
Verify offers several benefits for their Invoice Parser. The API has been pre-trained on hundreds of millions of documents to provide highly accurate results. Verify's OCR technology is also blazing fast, allowing for speedy processing of invoices, bills of lading, POs, and other documents. Moreover, the API is SOC2 Type2 & FedRAMP secure, ensuring enterprise-grade security.
Performance variations of Invoice Parser APIs
For all companies who use Invoice Parser in their software: cost and performance are real concerns. The Invoice Parser market is quite dense and all those providers have their benefits and weaknesses.
Performances of Invoice Parsers vary according to the specificity of data used by each AI engine for their model training.
Performance variations according to the languages
Invoice Parser APIs perform differently depending on the language of the text. Different specificities exist:
- Region specialties: some Invoice Parser APIs improve their machine learning algorithm to make them accurate for text in a specific language. For example, some Invoice Parser APIs perform well in English (US, UK, Canada, South Africa, Singapore, Hong Kong, Ghana, Ireland, Australia, India, etc.), while others are specialized in Asian languages (Korean, Japanese, Chinese, etc.).
- Rare language specialty: some Invoice Parsing vendors care about rare languages and dialects. You can find OCR Invoice APIs that allow you to process text in Gujarati, Marathi, Burmese, Pashto, Zulu, Swahili, etc.
Performance variations according to the quality of the document
When testing multiple OCR Invoice APIs, you will find that providers' accuracy can be different according to text quality. For example, some Invoice Parsing APIs may perform better with handwriting text while others may perform better with digital text.
Why choose Eden AI to manage your Invoice Parser APIs
Companies and developers from a wide range of industries (Social Media, Retail, Health, Finances, Law, etc.) use Eden AI’s unique API to easily integrate Invoice Parser tasks in their cloud-based applications, without having to build their own solutions.
Eden AI offers multiple AI APIs on its platform amongst several technologies: Text-to-Speech, Language Detection, Sentiment Analysis, Receipt Parser, Question Answering, Data Anonymization, Speech Recognition, and so forth.
We want our users to have access to multiple Invoice Parser engines and manage them in one place so they can reach high performance, optimize cost and cover all their needs. There are many reasons for using multiple APIs :
- Fallback provider is the ABCs: You need to set up a provider API that is requested if and only if the main Invoice Parser API does not perform well (or is down). You can use confidence score returned or other methods to check provider accuracy.
- Performance optimization: After the testing phase, you will be able to build a mapping of providers’ performance based on the criteria you have chosen (languages, fields, etc.). Each data that you need to process will then be sent to the best Invoice Parser API.
- Cost - Performance ratio optimization: You can choose the cheapest Invoice Parser provider that performs well for your data.
- Combine multiple AI APIs: This approach is required if you look for extremely high accuracy. The combination leads to higher costs but allows your AI service to be safe and accurate because Invoice Parser APIs will validate and invalidate each other for each piece of data.
How Eden AI can help you?
Eden AI is the future of AI usage in companies: our app allows you to call multiple AI APIs.
- Centralized and fully monitored billing on Eden AI for all Invoice Parser APIs.
- Unified API for all providers: simple and standard to use, quick switch between providers, access to the specific features of each provider.
- Standardized response format: the JSON output format is the same for all suppliers thanks to Eden AI's standardization work. The response elements are also standardized thanks to Eden AI's powerful matching algorithms.
- The best Artificial Intelligence APIs in the market are available: big cloud providers (Google, AWS, Microsoft, and more specialized engines).
- Data protection: Eden AI will not store or use any data. Possibility to filter to use only GDPR engines.
You can see Eden AI documentation here.
Next step in your project
The Eden AI team can help you with your Invoice Parser integration project. This can be done by:
- Organizing a product demo and a discussion to better understand your needs. You can book a time slot on this link: Contact
- By testing the public version of Eden AI for free: however, not all providers are available on this version. Some are only available on the Enterprise version.
- By benefiting from the support and advice of a team of experts to find the optimal combination of providers according to the specifics of your needs.
- Having the possibility to integrate on a third-party platform: we can quickly develop connectors.
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