Invoice Checking Engine (ICE) is an AI based self learning tool that automatically checks invoices and expense sheets based on errors and characteristics of forgery. The system has a self-learning algorithm that continuously detects and reports deviations inset parameters.
AI based Invoice Checking Engine
Why ICE?
Fraud and errors with invoices are widespread. As a result, organizations in the Netherlands alone lose hundreds of millions of euros every year. It is estimated that about 3 to 5% of all invoices contain errors (whether or not made intentionally). However, for many organizations this is a blind spot; they are not aware of the fraud taking place. Or see no option to manually check all invoices.
What is ICE?
ICE is an AI (Artificial Intelligence) based software tool that automatically checks invoices, expense reports and other financial documents for a wide range of errors and counterfeiting features. Characteristics that cannot be seen with the naked eye. Or take a lot of time to check manually.
ICE saves you a lot of time and gives you the certainty of 100% control and grip on your financial documents.
⇐ Right invoice is forged
Left invoice is forged ⇒
How does ICE work?
The application works very simply: after uploading the documents in a secure environment, they are checked and ICE generates a detailed report with all errors found within a few minutes. This can also be easily automated for large numbers.
We will then link the application to your own system or, of course, it can be used as part of the EMS Claimsengine®
We will then link the application to your own system or, of course, it can be used as part of the EMS Claimsengine®
More than 30 standard checks.
ICE has many built-in controls. Like:
Are you dealing with an existing company?
Are important fields present, such as Chamber of Commerce number, IBAN and VAT number?
Does the company name match the specified IBAN?
Are there any deviations in the structure and layout?
Which fonts are used?
It is also possible to personalize checks. Like:
Interfacing with your own (internal) grey/black lists
Databases with known names & (identification) numbers
Clear feedback
The ICE report is generated within minutes.
In this report you can see at a glance: What the outcome is:
How many critical and minor irregularities were found;
How complete the invoice is;
Which critical controls have been performed (and their outcomes);
Which smaller irregularities were found.
You will receive this report at an address of your choice or in another way if required.
Every company has a different composition of customers, suppliers and employees.
Circumstances also change over time. That is why all ICE checks are configurable:
You decide when you want to investigate a document further.
That is why we continuously evaluate the failure and outcomes of ICE with you.
This way you get the most out of the control of your documents.