“Evaluating alternatives is a critical part of the decision-making process. Weighing the pros and cons of each option will help you make an informed choice.” Verafin is one of the popular crime management software that helps detect and investigate financial crimes. However, It is cloud-based software, not premise-based, which creates the risk of data insecurity. […]
“Evaluating alternatives is a critical part of the decision-making process. Weighing the pros and cons of each option will help you make an informed choice.”
Verafin is one of the popular crime management software that helps detect and investigate financial crimes. However, It is cloud-based software, not premise-based, which creates the risk of data insecurity. While Verafin is a great tool to analyze the data sets, it requires certain processes to be done manually. Verafin is headquartered in Canada, and it is not a home-grown software from the USA. Moreover, Verafin is expensive software. What you need – is a tool that can help you with data capture all the way to its analysis automatically.
Let’s look at some of the alternatives to Verafin that can lighten your workload of data processing and analysis:
ScanWriter
BankScan
Comprehensive Financial Investigative Solution (CFIS)
#1. ScanWriter
ScanWriter by Personable Inc. is a digital tool to convert any paper document, including bank statements, bills, invoices, receipts, check images, phone records, insurance forms, and other such documents into Excel. In partnership with Microsoft Power BI (Business Intelligence), it automatically creates financial data visualizations like the flow of funds’ It ensures 100% accuracy. You can also get an analytic summary of the data within minutes.
Key Benefits
Automate the document workflow and manual filing processes
Run analytic models to scrutinize the movements of funds and track the audit trail
Create reports and get hasslefree access to the dashboard
Verify the integrity of the financial information
Maintain confidentiality of the data by saving it locally as it is an on-premise software
Instantly cut hourly labor costs by 90%
Reduce the need for multiple checkpoints to account for human error
Manage high volume & batch processing
User-friendly interface
Integration & Deployment
Seamlessly integration with Excel and Microsoft Power BI
Deployable on Cloud, SaaS, web-based, on-premise – Windows, on-premise – Linux
Financial Institutions Support
Find more than 40,000 institutions in its library, including over 10,000 financial institutions. Additionally, customize a format for your document within 24 to 48 hours of your request.
Language Support
ScanWriter supports 21 languages, including most European, Asian, Middle Eastern languages.
Location
Personable Inc. has its headquarters in Fountain Valley, California, and another office in Washington DC.
Client Base
ScanWriter caters to both the government and private sectors.
Customer Feedback
Pricing
Standard ScanWriter Excel costs $5,495 per license for 1 workstation user and 10 customized readers. Additionally, each standard license has a non-prorated $3,234 annual maintenance fee that covers unlimited usage by common readers, training, support, and software updates.
#2. BankScan
BankScan by Gee Whiz Software LLC converts bank and credit card statements into Excel or other electronic formats. BankScan recommends its use in conjunction with OmniPage, an Optical Character Recognition (OCR) program, and FileScan.
Key Benefits
Quicker conversion of financial records into useable electronic format
Extract data from OCR eligible printed checks with the help of FileScan
Customized editor for efficient error correction
Separate transactions in multi-account statements
Extract specific data items from transaction descriptions
Quality control checks such as skipped line review and AutoBalance
Integration & Deployment
It requires the following for proper integration and deployment:
Either OmniPage Standard (v18.0) or Ultimate (v19.X)
High-resolution monitor
Windows 7 or greater OS running on Intel i5 or greater class processor 2+ GHz speed, 8+ GB RAM
Good quality scanners like Fujitsu fi-7160
Financial Institutions Support
BankScan has hundreds of banks in the library. It can add new banks and statement formats upon submitting a sample to the template request tab.
Language Support
English
Location
Gee Whiz Software, LLC has its base in San Diego, California.
Client Base
BankScan majorly caters to the government sector. Initially, it was developed for use at the Department of Justice but now the federal, state, and local agencies also use it.
Pricing
You can choose between a flat yearly subscription plan or a pay-as-you-use service. The exact license cost will depend on factors such as the number of desired license seats, the level of support required, and the volume of data you process.
#3. Comprehensive Financial Investigative Solution (CFIS)
Comprehensive Financial Investigative Solution (CFIS) by Actionable Intelligence Technologies, Inc. (AIT) processes bank, brokerage, and credit card statements, supporting multiple languages and currencies. It automates the analysis of complex investigations for a full range of illicit financial schemes and frauds.
Key Benefits
Link support documents like wires, checks, deposit tickets, receipts, etc. to statement transactions showing the flow of funds
Process all kinds of data with speed and accuracy
Perform rapid assembly and data capture of voluminous financial records
Increase the ability to conduct extensive and complex investigations
Automatically process paper and electronic financial documents and record data into a centralized, comprehensive database
Integration & Deployment
You can deploy the licensed software in a virtual software environment, e.g., VMware, Inc. products, Microsoft® Hyper-V, Microsoft® Virtual PC, Citrix® XenApp, etc., and a physical licensing device, e.g., licensing appliance or hardware dongle.
Financial Institutions Support
The IDA Library has over 11,500 formats.
Language Support
CFIS supports multiple languages.
Location
Actionable Intelligence Technologies, Inc. is located in Virginia, United States, and provides global services.
Client Base
CFIS caters primarily to Federal, State & Local, Prosecutors, Law Enforcement, Regulatory Agencies, and Forensic Accountants. In addition, it also has a few commercial clients.
Pricing
The current price list for CFIS, its maintenance, and the related fee is available here .
Feature-Tool Matrix
Verafin ScanWriter BankScan CFIS Audit Trail Yes Yes No Yes Accurate Conversion of Hand-Written Cheques N/A Yes Yes – With FileScan Yes Language Support English. 21 languages, including most European, Asian, Middle Eastern languages. English. Multiple languages. Bank Institution Support Supports numerous financial institutions. ScanWriter supports more than 40,000 institutions, including more than 10,000 financial institutions. BankScan has hundreds of banks in the library. IDA Library has over 11,500 formats. Pricing Available upon request from the company. Standard ScanWriter Excel costs $5,495 per license and $3,234 annual maintenance fee. Flat yearly subscription plan or pay-as-you-use service. Different pricing options are available as per the list . 100% Accuracy Extreme Accuracy Yes No Yes Data Visualization Yes Yes No Yes
Takeaway
With criminals also using sophisticated technology to commit fraud, getting the best data automation software for more efficient investigations is essential. You can leave the data entry, conversion, and analysis to a digital tool and save time to focus on more crucial tasks at your job. Choose one of the options based on your needs to come out on top.
Contact Personable Inc. for more information or a free demo of ScanWriter. The ScanWriter support team can also help with training and any other questions you might have.
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