Bank Statements OCR API

Unleash financial intelligence: Veryfi AI transforms raw bank statements into actionable insights for smarter lending, tax compliance, fraud detection, and beyond.

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What is Bank Statements OCR API?

Bank statements are official financial records issued by banks, detailing account transactions over a specific period. These documents typically list deposits, withdrawals, fees, and balance information. Bank Statement OCR (Optical Character Recognition) API from Veryfi is a powerful AI tool that automates the extraction and digitization of data from these statements into structure JSON data format for any language and currency. This API leverages advanced machine learning algorithms to accurately read, interpret, and convert the printed or handwritten text on bank statements into machine-readable data.

Veryfi’s Bank Statement OCR API revolutionizes financial management, slashing processing time by up to 80% and reducing error rates from 5% to less than 1%. It accelerates account reconciliation, transforming a 3-hour task into a 15-minute process. The technology unveils spending patterns across thousands of transactions and fortifies budget planning with 99% accuracy. Veryfi not only optimizes operations but also unlocks deeper financial analysis, addressing critical needs for the 60% of businesses struggling with manual data entry.

Python Code to Extract Data from a Bank Statement

import requests

url = "https://api.veryfi.com/api/v8/partner/bank-statements"

headers = {

'CLIENT-ID': '<API_KEY_VALUE>',

'AUTHORIZATION': '<API_KEY_VALUE>'

}

payload = {'file_url': 'https://cdn…'}

response = requests.post(url, headers=headers, data=payload)

print(response.json())

Powerful, Simple API

Integrate Veryfi’s Bank Statements OCR API with just a few lines of code.

Need help? no worries. Our technical support team can help or you can also explore our interactive documentation, postman files, code examples, and integration guides to help you launch today.

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Supported Fields

Account Info
- Account Holder Info
- Account Holder Name
- Account Holder Address
- Period Start Date
- Period End Date
- Routing Number
- Account Type
- Due Date
- Statement Date
- Statement Number
- Currency Code
Totals
- Beginning Balance
- Ending Balance
- Minimum Due

Bank Info
- Bank Name
- Bank Address
- Bank Website
Transaction Line-Items
- Line #
- Transaction Id
- Date of Transaction
- Card Number
- Credit Amount
- Debit Amount
- Description Text
- Line Item as Text

Process your bank statement in less time than it takes to read this.

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Use Cases

Credit Scoring

Banking, Financial Services. Bank statement analysis provides a more comprehensive view of financial behavior than traditional credit scores.
Loan Underwriting

Banking, Alternative Lending. Detailed transaction history helps assess risk and loan affordability more accurately. Reduces default rates by up to 25% (McKinsey).
Expense Management

FinTech, Personal Banking. Automated categorization of expenses and reconciliation helps users budget, and save more effectively.
Cash Flow Forecasting

Small Business, Corporate Finance. Transaction patterns can be used to predict future cash flow with high accuracy. 82% of small business failures are due to poor cash flow management (U.S. Bank study).

Automated Bookkeeping

Accounting, Small Business. Direct integration of bank data into accounting systems reduces manual entry and errors. A reduction of bookkeeping costs by up to 75%.
Digital Banking Transformation

Banking, FinTech. Data extraction from statements is often a key component in modernizing banking infrastructure. 46% of financial institutions cite legacy systems as a major obstacle (Cornerstone Advisors).

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