Top 7 Bank Statement Extraction Software for Federal Agencies

Navigating a sea of bank statements and transactions can be daunting, especially for resource-stretched fraud investigators. Amidst the multitude of bank statement extraction software, striking a balance between cost and efficiency is key.

Free tools like Klippa, DocSumo, and CaptureFast may be budget-friendly but potentially lack precision and speed. They may not be the silver bullet for reducing case backlogs.

Contrastingly, premium solutions like ScanWriter, Valid8, Klipfolio, and Docparser pack a punch with comprehensive features, rapid data capture, and impeccable accuracy. They even offer automated data visualization, freeing up investigators to focus on deeper analysis.

In this piece, we decode the offerings of top extraction software to help agencies like yours discover the perfect fit with assurance.

Also read: 3 Case Management Software for Federal Agencies

Seven Bank Statement Extraction Software

ScanWriter shines with flawless OCR, swift processing, and trust from US federal agencies. Klippa, with intelligent automation, has limited multilingual prowess. Klipfolio excels in data visualization and reporting, albeit with a learning curve. 

Aah! It may seem like a tough selection process, however, by the end of the article you will be equipped with all the necessary information to make a right choice.

Let’s dive in!

#1. ScanWriter

ScanWriter, a product of Personable Inc., revolutionizes financial fraud investigations with its high-speed, 100% accurate data extraction from various document types into structured Excel formats. 

Its robust forensic tools, audit trail capabilities, and support for 21 languages and 40,000+ institutions make it a versatile, comprehensive solution. 

ScanWriter’s user-friendly design, dedicated support, and immediate implementation ensure seamless integration into existing workflows. 

Trusted by several federal and state government agencies, it offers significant time savings and efficiency in data entry tasks, making it an essential tool in the fight against fraud.

Bank Statement Extraction Software - ScanWriter

Source – ScanWriter for Investigators 

Benefits of Using ScanWriter

  • Accuracy: ScanWriter’s OCR technology is 100% accurate, which means you can be confident that your data is correct. 
  • Speed: ScanWriter can quickly extract data from bank statements, and it can process data up to 10 times faster than manual data entry.
  • Efficiency: ScanWriter automates data preparation and visualizations freeing time for investigators for meaningful analysis over grunt work, thus helping to reduce backlogs.
  • Excellent Customer Support: Investigators love the on-call support provided by the expert team at ScanWriter, minimizing any friction in the tool adoption across agencies. Team ScanWriter also offers regular training webinars and seminars for investigators to make the most of the tool.
  • Trust: ScanWriter has earned the trust of many federal and state agencies across the country. 

If you are looking for a bank statement extraction and data entry automation solution that is accurate, fast, and easy to use, ScanWriter is a great option. Now,

Key Features of ScanWriter

  • 100% Accurate Bank Statement Extraction: ScanWriter can accurately read hundreds of transactions per second. Not only this but with its advanced OCR technology, ScanWriter guarantees 100% accuracy while extracting data from bank statements, including bank & credit card transaction details, account numbers, dates, etc.
  • Data Normalization: Investigators can create their own rules or use the predefined ones to normalize the data, whether it’s about giving the same entity name to all its variations, displaying amounts with a decimal followed by a couple of zeros, all letters uppercase in a name, etc.
  • Audit Trail: ScanWriter scrupulously monitors and documents all activities and transactions, maintaining a chronological registry that outlines the details of every action, its timing, and the individual responsible for it. An audit trail delivers an indispensable degree of clarity and responsibility, thereby simplifying the review and verification procedures.
  • Supported Formats: At present, the United States is home to over 4,100 commercial banks. And, as of 2021, there were 81 banks in Canada, Japan had a count of 112, China hosted 187, Germany had 251, and the United Kingdom boasted 311. Imagine how the number of different formats for various bank statements grows. ScanWriter supports different formats from 15,000-plus financial institutions.
  • Integration Capabilities: It seamlessly integrates with popular accounting software like QuickBooks, Excel, and business intelligence software like Microsoft Power BI.
  • Automated Reconciliation: ScanWriter helps investigators verify that the money leaving an account matches the actual money spent automatically by highlighting any discrepancies along with one-click source verification.

Customer Review

Source – Capterra

#2. Klippa:

Klippa is a freemium (free for basic usage while advanced features require a premium version) bank statement extraction software. Using intelligent algorithms and OCR technology, it automatically extracts relevant information, including transaction details, account numbers, and dates. 

Bank Statement Extraction Software - Klippa

Source – Klippa

Key Features of Klippa

  • OCR Technology Based Data Extraction: Klippa eliminates manual data entry by leveraging OCR technology, saving time and reducing errors.
  • Data Validation and Verification: The software performs checks and validations to ensure accurate and complete data sets, enhancing reliability.
  • Data Classification and Categorization: Klippa includes intelligent capabilities to classify and categorize data, making it easier to analyze and organize information effectively.
  • Integration Capabilities: Klippa integrates seamlessly with accounting software, enabling the transfer of extracted data for analysis or integration into existing systems and improving workflow efficiency.

Limitations of Klippa

  • Language Support: Klippa’s OCR may have limitations in terms of language support.
  • Complex Statements: Klippa may face non-standard layouts or unconventional formatting challenges in uncommon bank statements, requiring manual intervention or adjustments.
  • Lack of Automated Data Visualizations: Requires investigators to manually create data visualizations in Excel which is a cumbersome process.

Customer Review

Source – Capterra

#3. Docsumo

Docsumo is a powerful free software that employs AI and machine learning algorithms to precisely extract relevant information from bank statements. It can also be used for various purposes, such as accounting, budgeting, and financial analysis. Docsumo is a scalable and cost-effective solution for businesses of all sizes.

Bank Statement Extraction Software - Docsumo

Source – Docsumo

Key Features of Docsumo

  • Data Extraction: DocSumo accurately extracts transaction details, account numbers, dates, and amounts from bank statements, supporting various document formats.
  • Data Validation: It validates the extracted data against predefined rules, ensuring accuracy and consistency.
  • Customization and Integration: DocSumo allows users to define extraction fields and rules according to their requirements. 

Limitations of Docsumo

  • Complex Document Structures: Extracting data accurately from complex structures or documents with irregular formatting may challenge DocSumo. Manual intervention or adjustments might be necessary in such cases.
  • Limited Language Support: While DocSumo supports multiple languages, its OCR capabilities may not be as effective or accurate for non-English languages.

Customer Review

Source – Capterra

#4. CaptureFast

CaptureFast is also a freemium bank statement extraction software. It supports various file formats making it versatile and compatible with different sources of bank statement data. 

One notable feature of CaptureFast is its automatic identification and categorization of transactions based on predefined rules and filters. The software captures transaction details such as date, amount, payee, and description, providing comprehensive data for analysis.

Bank Statement Extraction Software - Capturefest

Source – CaptureFast

Key Features of CaptureFast

  • Advanced OCR Technology: Like most of the software in this list, CaptureFast is also equipped with advanced optical character recognition (OCR) technology, enabling it to accurately extract data from various sources
  • Automated Transaction Categorization: CaptureFast can automatically identify and categorize transactions based on predefined rules and filters. This feature simplifies organizing and analyzing data, saving investigators valuable time and effort.
  • Comprehensive Transaction Details: CaptureFast captures crucial transaction details such as date, amount, payee, and description, providing investigators with comprehensive data for their analysis.

Limitations of CaptureFast

  • Learning curve: While user-friendly, new users may require time to become fully acquainted with the software.
  • Limited customization: Predefined rules and filters may not cater to every unique requirement of federal agencies or specific investigative processes

Customer Review

Source – Capterra

#5. Valid8

Valid8 is a paid bank statement extraction software offering advanced features for financial investigations. It empowers fraud investigators with advanced data extraction, validation, and analytics capabilities, enabling efficient discovery of critical information.

Bank Statement Extraction Software - Valid8

Source – Valid8

Key Features of Valid8

  • Bank Statement Transaction Extraction: Converts both native and non-native PDF statements from any institution into a comprehensive evidence database.
  • Automated Quality Control: Utilizes automated reconciliation to visualize and correct missing, duplicate, or incorrect data, ensuring 100% accuracy.
  • Statement and Data Status Tracking: Allows real-time monitoring of your data set progress and provides one-click data visualization and table exports.
  • Undisclosed Account Detection: Rapidly identifies any wire transfers or deposits to hidden or undisclosed accounts, unveiling undisclosed assets.
  • Fraudulent Transfer Identification: Enables filtering and investigation of transfers to spot fraudulent transactions and preference payments.
  • Fund Flow Visualization: Facilitates visualization of funds’ movement from multiple sources into accounts or legal entities and their usage.
  • Grouping and Categorization: Offers custom categorization for each case and groups transactions to simplify analysis.
  • Microsoft Excel Synchronization: Supports cleaning up data in Microsoft Excel and allows loading of all changes back into Valid8 for version control.
  • 1-Click Excel Export: Provides one-click export functionality of the complete transaction database to Microsoft Excel at any time.

Limitations of Valid8:

  • Steep learning curve
  • High pricing

#6. Klipfolio

Klipfolio is a premium software solution that offers far more than just bank statement extraction; it excels in providing advanced data visualization and reporting capabilities. Its versatile suite of data visualization tools, which includes customizable dashboards, charts, and graphs, enables users to interpret complex financial data with ease. These visual aids facilitate the recognition of patterns and anomalies, proving especially useful for investigators.

Key Features of Klipfolio

  • Data Transformation: Klipfolio offers robust data transformation capabilities, enabling users to clean, filter, and format extracted data from bank statements.
  • Customizable Dashboards: Klipfolio allows users to create highly customizable dashboards tailored to their specific needs. The software provides various visualization options, including charts, graphs, and gauges, empowering users to present and interpret bank statement data effectively.
  • Real-time Data Updates: Klipfolio enables real-time data updates, ensuring that the dashboards and visualizations always reflect the most current bank statement data.
  • Powerful Visualizations: Klipfolio’s visualizations empower investigators to gain meaningful insights from the extracted bank statement data.

Limitations of Klipfolio

  • Confusing user interface
  • May hang for larger data sets

Customer Review

Source – Capterra

#7. Docparser

Docparser is a robust software designed specifically for parsing and extracting data from various document types, including bank statements.

One standout feature of Docparser is its ability to accurately identify and extract specific data fields from bank statements, such as transaction details or account numbers. Leveraging intelligent algorithms and machine learning techniques, the software intelligently recognizes patterns and achieves high accuracy in data extraction.

Bank Statement Extraction Software - Docparser

Source – Docparser

Key Features of Docparser

  • Comes with pre-installed parsing presets and allows for customization
  • Ability to extract and structure recurring text patterns and tables from PDFs, Word documents, and image files
  • Equipped with an OCR engine for data extraction from scanned documents
  • Integrated with a barcode and QR scanner
  • Offers sophisticated image processing tools to effectively pull data from unclear sources
  • Supports API integrations with applications from third parties

Limitations of Docparser

  • Lacks a search feature within parsed documents
  • The free package offers only limited features

Customer Review

Source – Capterra

Also Read: 5 Anti-Money Laundering Software to Solve Financial Crime

Case Study: ScanWriter in Action

Case Brief: 

In a recent embezzlement case, a comptroller and an accomplice were charged with misappropriating public funds for personal use and a re-election campaign. The investigation involved over 4,500 transactions and check images, posing a significant challenge in manually processing the vast amount of financial records.

How ScanWriter Helped: 

ScanWriter automated the processing of financial records, converting them into an organized Excel spreadsheet. In just four hours, ScanWriter accomplished what would have taken over 74 hours to complete manually. 

Its customization feature enabled investigators to create specific columns for names and accounts, facilitating in-depth analysis. ScanWriter’s case manager facilitated seamless communication and collaboration among the investigative team, ensuring real-time updates were shared efficiently.

Impact of ScanWriter:

The automation provided by ScanWriter enabled the swift and accurate conversion of physical and electronic records into usable data. 

ScanWriter’s integration with Power BI, a visualization software, empowered investigators to uncover insights and connections within financial data. These dynamic visualizations and reports played a crucial role in strengthening the prosecution’s case. 

ScanWriter’s collaborative platform and integration with Power BI facilitated effective communication and analysis, enabling the investigative team to work seamlessly and present compelling evidence in court.

Read more about this case study here.

Parting Words

In this post, we have explored the top seven bank statement extraction software options available, but ScanWriter stands out for several compelling reasons. 

From unparalleled data capture and analytics capabilities to its advanced automation features, ScanWriter offers a robust set of features. 

Though it is a paid software, it is relatively lower priced than the alternatives and offers much better value for the buck. But, a bonus for you: Request a free ScanWriter demo today!


Try ScanWriter Today