We are excited to announce that Ocerra now supports bank account extraction and verification assistance. In this article, you will learn how it works, how you can start using it and what’s coming up.
Verifying the bank account details on supplier invoices is an essential step in ensuring the integrity and security of the payment process, protecting against fraud, and avoiding errors or compliance issues. The new functionalities are currently in Beta mode in Ocerra as there are a few more enhancements coming up and the validation process is enabled by your request. Please read for more information below.
Extracting bank account details
As the first step, we have added a functionality to extract bank account details from the supplier’s invoice.
On the header of the invoice, you can find a Beta tab with the following details:
Bank – Bank Name
Bank Branch/BSB (Australia only)
Bank Account (Australia and New Zealand)
In the last couple of months, we have been training Ocerra to identify and pick up these details from invoices. The training is fully automated using machine learning and AI. You don’t need to manually intervene to train these details; the system is still learning and currently at a 70% success rate.
We’ll keep applying AI training techniques as an ongoing process; however, if Ocerra has not picked up the account number or BSB, you can still use standard value-based annotation technique to help the system recognise these details from your supplier invoices.
Supplier payment details
Payment details have been added to the Vendor's supplier information in Ocerra.
Currently, a supplier payment details sync is not enabled for all our customers. If you would like to test it out, please email to support or log a ticket in the support portal with the subject: "Enable supplier payment sync”.
Once synced, it will be automatically syncing new or updated bank details going forward.
In about a month's time, we’ll enable the automated sync of payment details across all our customers.
Please note, bank account details cannot be created or amended in Ocerra; your financial system is the only source of truth.
Validation process
Once payment details sync is enabled and supplier payment details are in Ocerra, you can start checking the extracted Bank Account details on the invoice. Under the Beta tab, you will see bank account details flagged as green – they match with supplier payment details, and if flagged as red, they are not matching or are empty.
For example:
This is a non-intrusive validation process, and you still need to rely on your own check.
What’s coming: notifications, flagging, pop-ups.
There are a few more functionalities coming up to enhance the bank account validation process. These will be in the form of additional parameters that can be enabled in General settings:
Flagging unmatched bank account details during the approval and export process.
Stopping from approving or exporting unless the bank details in Ocerra match the correct details from your system.
If you have other ideas or feedback, please don’t hesitate to get in touch and let us know.