I recently had the chance to catch-up with Randy Wilson, CEO of Houston-based Aquilon. For those that aren’t yet familiar with the company, Aquilon provides an invoice settlement/reconciliation platform – called the Energy Settlements Network – primarily for gas and power market participants. The company, founded in 2015, spent its first few years working with its launch customers to build out the platform and the last year, improving it with apps that allow market participants to get onboard more quickly and to more easily take advantage of the company’s services. In describing the latest iteration of the platform, Mr. Wilson said, “We’ve created a new app-based settlements portal in which users can simply drag, drop and match invoices. This new approach does not require integration with any underlying systems – all it requires is a pdf of the invoice, something every company already produces.” He noted that rather than relying on common OCR capabilities, they’ve built something he terms “OCR on steroids” – a system that not only reads the data from the invoice, but also addresses semantic differences via natural language processing and pattern recognition technology. For example, the two parties to the invoice might have different naming conventions… continue reading
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