Automatic scanning of bank receipts
Asset management brings with it a flood of bank documents. ScanEngine software from Alphasys offers help with this process. It takes care of an average of 80 per cent of repetitive typing work, which saves time and money.
ScanEngine is ideally suited to document processing for banks and asset managers not connected to a system for the electronic exchange of messages, such as SWIFT. Without ScanEngine, the flood of document data must generally be entered manually, which requires an enormous amount of time and effort. In order to automate this repetitive work, Alphasys has developed ScanEngine, the document recognition software that enters the data into a portfolio management system.
ScanEngine can generate transactions directly from a PDF. Historical data can be scanned in as well, and can be electronically archived.
Benefits of using ScanEngine:
- PDF documents from a number of banks can be read and input into Netfolio using XML format
- asset managers are not dependent on an electronic interface with every individual bank
- thousands more documents can be processed annually without the need for additional staff
- checking the correctness of an invoice from the bank is simplified
- comments regarding anti-money laundering laws can be entered when reviewing the documents
- sources of error are reduced: automation improves the quality of capture by comparison with manual processing.
- The new technology enables the creation of an integrated archive if required.
ScanEngine was awarded "Banking IT Innovation 2012" by the centre of expertise "Sourcing in the Finance Industry". Certificate
In order to satisfy compliance requirements, the system can be set up so that the documents are first verified by the responsible client advisor before they are available for further processing. The individual transactions can be manually entered by the user as needed in a user-friendly interface, for example with notes about the requirements of anti-money laundering laws. The transaction can be approved by the user.
Bank documents look the same the world over
Large quantities of documents, such as stock exchange transactions, coupons, dividends and deposit fees, can be automatically processed with a success rate of almost 100 per cent. For documents from previously unknown banking institutions, ScanEngine recognises about 60 per cent of the data required for an account statement. After any necessary adjustments by the specialists at Alphasys, these documents can be read and generated without further intervention. For new relationships, there is a certain amount of initial effort, due to the different types of display of the same deposit or account number. Experience shows that up to 80 per cent of the document processing is scalable. Manual processing is required only for extremely complex business transactions.
New banks are being added on an on-going basis. Currently ScanEngine can automatically scan documents from the following banking institutions:
ScanEngine for third-party systems
We are happy to make the numerous advantages of ScanEngine available to other software providers as well. Contact us for more information.