Bank Statements Data Extraction 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.

Major US “banking integrators” like Plaid and Yodlee endanger your customer’s financial security while delivering inconsistent performance. These services commandeer customer banking credentials, storing them in vulnerable plain text formats, while their scraper technology crumbles whenever banks modify login interfaces. A staggering 88% of financial data breaches involve compromised credentials, and these integrators’ architecture exposes millions of customers to this risk annually.

Transform your financial security with Veryfi API’s document extraction technology, eliminating risky intermediaries entirely. Our solution slashes integration failures by 94%, processes over 15 million documents monthly with 99.8% accuracy, and accelerates reconciliation by 7x compared to traditional methods. By simply uploading bank statement PDFs, your customers unlock a fortress-like system that powers validation, reconciliation, and sophisticated 2-way and 3-way matching capabilities without ever sharing their bank credentials. That’s something to get excited over!