83234Building Receipt rails to remove Paper receiptsClosedCollaborative R&DInnovate UKThe business was started in 2018 because we saw the need for Receipts to go digital. As Data Scientists we could not understand why Banking Apps only showed the total value of the transactions but not the items found in the Receipt, why we had to send Paper Receipts for our business expenses and why Receipts were so difficult to find when we needed to return goods or exercise our product warranty. More compellingly, Paper Receipts have resulted in are made from toxic thermal paper 50% of which cannot be recycled, the UK uses 11.2Bn receipts a year. We are building a fully digitalized receipt platform where Merchants, Banks and Customers can digitise Receipts and put privacy first. We have divided the problem into two, On and Offline Receipts. Solving the first part, we built a Machine Learning API that executes on a smartphone to extract email receipts for Online purchases and matches them to Bank transactions, all securely on the device. The ML algorithms have been developed by analyzing over 30million emails of training data. This has helped us distinguish between the various types of Email; Spam, Phishing, Promotional, Personal, and Receipts. This project will build the API infrastructure to support the digitization of Offline Receipts using the common 'Standards' found in Email receipts, bringing the same uniformity of information we had in Paper receipts. Merchants will be able to add the service to the Payment Service Provider (Square, Sum up or iZettle) and/or EPOS (Diebold Nixdorf, EPOS Direct, etc) to send the receipt to the Issuer via a tokenized service, it will extract the data from the PSP/EPOS system (product names, transaction time and location, quantities and value-added tax held) and deliver it to the Issuing bank after it has been reconciled with the payment card used. The Receipt is then used to populate the transaction with the details of the basket of goods purchased. Opening up access to purchase history via a digital format has led to a wide range of opportunities for ecosystem players to build new services on top of the data. The intrinsic benefit of delivering our native (Smartphone) Machine Learning coupled with the 'common standards 'approach is its capability to scale globally without the traditional costs of exporting software (install, testing, etc). The barriers to success in the market are being eroded in the changes in purchasing behaviour that is being affected today by Digitisation of money and COVID 19\. As society moves away from Paper-based receipts and Cash payments, in part due to the pandemic, the need to adopt a new form of receipt is extremely important to protect purchase rights, ensure taxes are paid, and find efficiencies of processing expenses. Monily has an excellent founding team backed by an experienced set of advisors from the industry. As a team, our core is Data and Engineering, but we also have great experience in delivering and selling technical products and services.