Bank Statement Solution Framework
The Kofax Bank Statement Solution Framework provides automated processing to extract and validate data from bank statements and making bank statement data and content available in an appropriate digital format. This allows utilizing corresponding data in various other banking processes and solutions which increases productivity and business agility, and reduces end-to-end processing time, and enables our customers to Work Like Tomorrow – today.
- Pre-built classification procedures based on account type, i.e. personal and credit card account statements, and for transaction summaries
- Pre-built extraction procedures to intelligently capture header and transaction data with further configuration options to support more variations of bank statements.
- Multi-channel capture and image optimization capabilities turn bank statement documents into high-quality digital files
- Pre-trained bank statements and knowledge bases to expedite automation
- Extensive data validation routines and corresponding exceptions handling options
- Document Ingestion and retrieval of extracted and validated data (JSON format) via APIs for easy integration with other Line of Business systems or other Kofax TotalAgility processes.
- Customized look & feel with configurable design elements
- Turn bank statement content into electronic data that can be leveraged in various other processes such as loan or credit card applications, income validation and control, fraud detection, etc.
- Reduce or eliminate slow, error prone, manual tasks, allowing employees to focus on higher value-add activities
- Increase operational efficiency and overall processing capacity
- Supporting regulatory requirements in banking processes
- Reduce instances of fraud
- Flexible enhancement options with Intelligent Automation capabilities such as RPA, Kofax Communication Management (KCM), Mobile Capture, etc. in a unified platform, from a single supplier
- Can be used in combination with other Kofax Solution Frameworks such as the Rules Engine Framework for cross-document validation activities
- Accelerated implementation with reduced TCO, faster ROI and higher quality cost-benefit analysis
More information is available and can be provided on demand.
Banks Statement documents ingested from various channels
Bank statement header and transaction data with validation information in JSON format
Key banking processes, such as expense categorization, lending assessment, know your customer (KYC), Anti-Money Laundering (AML), fraud detection, application for credit cards or loans, and many others, make use of data held in bank statements. The main challenge is to turn bank statements (that exists in numerous layouts, changing frequently) into data efficiently.
The Bank Statement Solution Framework is powered by the Kofax Intelligent Automation software platform. It applies cognitive capture capabilities and artificial intelligence (AI) to transform data entry and validation processes so that manual activities are automated, time-intensive, error-prone activities are reduced.
Digitizing bank statement content and data increases the potential of automating banking processes, allow additional data insight and reducing instances of fraud.