Find the best OCR APIs to extract data from loan documents. This way you will have the information digitized and safe.
Let’s Talk About Loan Documents
A loan document is an agreement by which a credit institution gives a certain amount of money; denominated in a specific currency, to a natural person or legal entity as specified in the contract for prepayment. The person or subject behind the loan document has to return the funding within the agreed-upon timeframe while also paying any associated fees and commissions.
A loan document possesses confidential and important information from the institution that lends the money and the one who receives it. It embodies data such as the amount of money that is involved, names, signatures, time frames, and way more. Therefore, we are talking about data that is essential to save. After all, most of the time the documents tend to be revisited, reviewed, and more!
This type of document is really common in the baking industry. For instance, most banks offer loans for startups and enterprises, to buy a vehicle or more. Hence, if a company is looking to extract the data from these documents whether they are the lender or borrower; they must introduce the capabilities of OCR APIs.
What Are OCR APIs?
An application programming interface is a tool that offers automation for companies. APIs open the door to facilitate the use, extraction, and work of data. Thanks to these tools companies can receive and apply external data that will allow them to complete their processes. Consequently, they will enhance both internal and external parts of businesses. Their workflows, processes, Sofware, programs, and more.
OCR APIs refer to Optical Character Recognition Tools that navigate the text from documents with the goal of extracting it. The API recognizes and identifies the patterns of texts in order to withdraw the data that is gathered in them. As a result, APIs take the information from the texts, extract it, and digitize it.
Therefore, if companies want to work on the data of loan documents, they will be able to do so with an OCR API. Now let me tell you about the best OCR APIs for this:
Best OCR APIs:
The Optical Character Recognition API is an OCR technology with powerful edges. It works with Artificial Intelligence which permits the API to go over the loan document without missing anything. This way not even the fine print from the contract will be disregarded.
Moreover, the Optical Character Recognition API will provide advantages in terms of automation and digitization. Plus, the benefit of working with an API that provides JSON format results. The API just needs the URL of the loan documents and is ready to go!
This second OCR API is Ocrolus, the technology of the API allows it to capture different types of documents. It even offers a feature that permits companies to detect fraud. This solution will guarantee great results non-stop!
To end with today’s article, let’s talk about Klippa. This OCR API centers its power on invoices and receipts. Also, it has a fast processing infrastructure that enables it to constantly extract data from documents.