StatementReader is an elegant and accurate solution that automatically extracts bank account transactions from a variety of different page layouts into Excel. We have developed StatementReader in-house, and have added templates for clients across the world.
One page can take 5 minutes to process manually, with StatementReader this can take 0.5 seconds a time saving of over 99.9%, and every page that is entered manually could introduce errors. StatementReader uses bespoke algorithms to correct common OCR mistakes and provides automated checks to the user for the effortless identification of errors, if they occur.
You can download, install and start to extract your data, securely on your computer in just a few minutes. The application is also highly configurable for any advanced requirements that you may have.
Extract searchable and scanned PDFs
StatementReader extracts transactions from bank statements in a searchable PDF format locally on your machine.
For scanned non-searchable documents, StatementReader clients can quickly be configured to use an “external OCR server” by specifying the IP address of that external server. The suggested external OCR server is a Linux machine with the ABBYY FineReader Engine installed together with the StatementReader Server Module. Once the configuration has been completed, the StatementReader clients communicate seamlessly with the StatementReader Server to create searchable PDF documents and benefit from the best OCR solution available in the industry.
In addition, encrypted PDFs are extracted painlessly, password protected PDF documents initiate a user prompt, and watermarks are ignored for accurate data extraction
Automated corrections and accuracy reports
The application’s automated validation feature interacts directly with Excel, highlighting any corrected cells and potential errors, with hyperlinks for fast reference to the exact page of the original scanned document.
The auto detection and correction of errors works by comparing all dates and amounts to all the other data points that have been extracted from the page - any inconsistencies are flagged, and corrected, if it is safe to do so.
Analysis of recurring transactions etc.
Summarise keywords, recurring transactions and round amounts in Excel, in just a few clicks, increasing the efficiency of identifying transactions that require further investigation and also providing comprehensive working papers for your case or client file. Automated summary reports are generated in a consistent and robust Excel template for you to explore and communicate with colleagues and clients.
Bank statements for multiple accounts can be extracted together quickly using ‘folder mode’ to process all files from each bank in one click. Then, multiple output files can be merged together for a combined summary highlighting round/recurring/reversed transactions with key words/days/months.
This analysis delivers a dynamic insight into several key areas of the banking period, including the dependency on certain customers or suppliers, without the need to first specify which third parties should be analysed, or the associated acronyms used by the bank.
All data is processed locally on your Windows machine, this, together with an encrypted offline user control server module and a dedicated in-house development and implementation team, means that StatementReader provides unrivalled security and flexibility that delivers reliable automation that meets the requirements of even the most stringent of corporate environments.
We have passed several banking client security tests for offline use, which has incorporated a LDAP user control module to configure permissions for each user, all running within your network.
This certification of compliance has been achieved by allowing users to configure local network folders to quickly manage offline software updates for multiple users, amongst other features that put security at the forefront of the application.
API and server integration
StatementReader is implemented in one of two ways, providing a great deal of flexibility to integrate the solution that best matches your requirements and hardware infrastructure:
1 - StatementReader can be implemented as the off-the-shelf solution that is used around the world. This works as a user controlled extraction and analysis tool, whereby the user selects the bank template and the scanned file, and then clicks ‘Go’ to see the extracted data in Excel.
2 - Alternatively, an API can be configured to automate and integrate the process as follows:
Bank statements are uploaded and the bank is selected from a [browser] interface
=> The PDF file location and possible bank templates are fed into StatementReader
=> StatementReader identifies whether to use OCR or to parse searchable text
=> Extraction, validation and CSV merging (if required)
=> CSV/Excel/error log/PDF saved to defined output folder
Template creation tool
StatementReader utilises unique templates for each known bank statement format; these are already provided for a vast number of the common banks operating in UK, Ireland, Australia and Canada, with a built in tool for users to create and share (internally) new templates in under a minute or a direct support link for our external support team to quickly create and release new optimised templates, within 24 hours.
Each template is used by StatementReader's advanced extraction engine to automate the following:
- Extracting multiple lined transactions
- Removing page headers and footers
- Validating bank transactions in Excel
Full page data extraction parameters can be defined to ensure that all important data is retrieved from the bank statement, including the bank account name, number and sort code, the addressee and address, together with the page number, statement date and bank branch address.
Data output flexibility
StatementReader generates a single lightweight database file from scanned images or searchable PDF documents, by default this outputs to either a consistent columnar Excel or CSV format. This allows quick and seamless system integration by exporting or transposing your financial data into multiple other formats (like JSON), to integrate with any bookkeeping or investigation tool.