Microblink’s Photopay expands to new European markets
Photopay, the payment receipt scanning solution from Microblink, is now available in more countries including France, Norway, Spain and Sweden, reports Finovate (Banking Technology’s sister company).
The news is the latest step in Microblink’s European expansion – begun four years ago – and brings the company’s data extraction technology to an even wider range of SME customers.
In a blog post discussing the news, Microblink pointed to the way Photopay improved the UX for banking app users. The company cited a case study with Erste Bank that realized a 100x increase in the number of mobile banking transactions and and 30x increase in mobile banking transactions as a share of all transactions. Erste Bank also reported an increase of 160% in the number of its mobile banking users.
In addition, Microblink highlighted a European bank that credited Photopay for the high marks its mobile banking app received. “More than 40 renowned European banks have recognised the value photopay provides in terms of UX,” the blog authors wrote.
Photopay leverages optical character recognition technology (OCR) to capture data from payment slips and receipts, removing manual data entry – and the potential for error – from the process. Photopay also offers an automatic field-by-field scanning feature that makes it easy to more accurately extract data from unstructured sources including small business invoices.
The real-time technology operates locally on the user’s mobile device and does not require an internet connection to work. Photopay is available as an SDK that can be integrated into existing banking apps and customised into a white-label solution that’s virtually invisible to the user.
Founded in 2013 and headquartered in London, Microblink demonstrated its BlinkReceipt solution at FinovateSpring 2017, taking home Best of Show honours.
Earlier this month, Zagrebačka banka, the largest bank in Croatia, announced that its mobile app would feature portrait and document scanning technology provided by Microblink.
In addition to Photopay and BlinkReceipt, Microblink offers SDKs that add ID scanning (BlinkID), barcode scanning (pdf417), and general purpose data scanning (BlinkInput) to mobile apps.
The company, which launched the popular, free Photo Math app in 2014, includes Cherubic Ventures among its investors. Damir Sabol is founder and CEO.