MDS RapidPay is an automated invoice processing and approval solution that drastically reduces the time and cost associated with entering, approving and retrieving paper invoices. This web based product takes advantage of Optical Character Recognition (OCR) technology to perform data entry with minimal human intervention and completely automates the Accounts Payable process. After over two years of development and nine months of beta testing, MDS RapidPay has been refined into an easy to use and reliable workhorse.
"We learned a lot about OCR technology through the development of our check scanning system and we have applied that knowledge to the development of RapidPay. Analyzing and capturing information from vendor invoices is much more complex than pulling account information off of a check due to the inconsistencies and variability that exist across the wide array of invoice formats that property managers receive. In partnership with our beta testers, we have developed a system that has the ability to learn and get better and better as you use it. After about 60 days, we are seeing automated read rates that top 80% and that number only gets better over time," says
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