Published by Wanda Rich
Posted on March 7, 2022
6 min readLast updated: February 8, 2026
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“Evaluating alternatives is a critical part of the decision-making process. Weighing the pros and cons of each option will help you make an informed choice.”
“Evaluating alternatives is a critical part of the decision-making process. Weighing the pros and cons of each option will help you make an informed choice.”
Verafin is one of the popular crime management software that helps detect and investigate financial crimes. However, It is cloud-based software, not premise-based, which creates the risk of data insecurity. While Verafin is a great tool to analyze the data sets, it requires certain processes to be done manually. Verafin is headquartered in Canada, and it is not a home-grown software from the USA. Moreover, Verafin is expensive software. What you need – is a tool that can help you with data capture all the way to its analysis automatically.
Let’s look at some of the alternatives to Verafin that can lighten your workload of data processing and analysis:
ScanWriter by Personable Inc. is a digital tool to convert any paper document, including bank statements, bills, invoices, receipts, check images, phone records, insurance forms, and other such documents into Excel. In partnership with Microsoft Power BI (Business Intelligence), it automatically creates financial data visualizations like the flow of funds’ It ensures 100% accuracy. You can also get an analytic summary of the data within minutes.
Find more than 40,000 institutions in its library, including over 10,000 financial institutions. Additionally, customize a format for your document within 24 to 48 hours of your request.
ScanWriter supports 21 languages, including most European, Asian, Middle Eastern languages.
Personable Inc. has its headquarters in Fountain Valley, California, and another office in Washington DC.
ScanWriter caters to both the government and private sectors.
Standard ScanWriter Excel costs $5,495 per license for 1 workstation user and 10 customized readers. Additionally, each standard license has a non-prorated $3,234 annual maintenance fee that covers unlimited usage by common readers, training, support, and software updates.
BankScan by Gee Whiz Software LLC converts bank and credit card statements into Excel or other electronic formats. BankScan recommends its use in conjunction with OmniPage, an Optical Character Recognition (OCR) program, and FileScan.
It requires the following for proper integration and deployment:
BankScan has hundreds of banks in the library. It can add new banks and statement formats upon submitting a sample to the template request tab.
English
Gee Whiz Software, LLC has its base in San Diego, California.
BankScan majorly caters to the government sector. Initially, it was developed for use at the Department of Justice but now the federal, state, and local agencies also use it.
You can choose between a flat yearly subscription plan or a pay-as-you-use service. The exact license cost will depend on factors such as the number of desired license seats, the level of support required, and the volume of data you process.
Comprehensive Financial Investigative Solution (CFIS) by Actionable Intelligence Technologies, Inc. (AIT) processes bank, brokerage, and credit card statements, supporting multiple languages and currencies. It automates the analysis of complex investigations for a full range of illicit financial schemes and frauds.
You can deploy the licensed software in a virtual software environment, e.g., VMware, Inc. products, Microsoft® Hyper-V, Microsoft® Virtual PC, Citrix® XenApp, etc., and a physical licensing device, e.g., licensing appliance or hardware dongle.
The IDA Library has over 11,500 formats.
CFIS supports multiple languages.
Actionable Intelligence Technologies, Inc. is located in Virginia, United States, and provides global services.
CFIS caters primarily to Federal, State & Local, Prosecutors, Law Enforcement, Regulatory Agencies, and Forensic Accountants. In addition, it also has a few commercial clients.
The current price list for CFIS, its maintenance, and the related fee is availablehere.
Verafin ScanWriter BankScan CFIS Audit Trail Yes Yes No Yes Accurate Conversion of Hand-Written Cheques N/A Yes Yes – With FileScan Yes Language Support English. 21 languages, including most European, Asian, Middle Eastern languages. English. Multiple languages. Bank Institution Support Supports numerous financial institutions. ScanWriter supports more than 40,000 institutions, including more than 10,000 financial institutions. BankScan has hundreds of banks in the library. IDA Library has over 11,500 formats. Pricing Available upon request from the company. Standard ScanWriter Excel costs $5,495 per license and $3,234 annual maintenance fee. Flat yearly subscription plan or pay-as-you-use service. Different pricing options are available as per the list. 100% Accuracy Extreme Accuracy Yes No Yes Data Visualization Yes Yes No Yes
With criminals also using sophisticated technology to commit fraud, getting the best data automation software for more efficient investigations is essential. You can leave the data entry, conversion, and analysis to a digital tool and save time to focus on more crucial tasks at your job. Choose one of the options based on your needs to come out on top.
Contact Personable Inc. for more information or a free demo of ScanWriter. The ScanWriter support team can also help with training and any other questions you might have.
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Financial crime management involves the use of tools and processes to detect, prevent, and investigate financial crimes such as fraud, money laundering, and other illicit activities.
Data automation refers to the use of technology to automatically collect, process, and analyze data without manual intervention, improving efficiency and accuracy in data handling.
A financial institution is an organization that provides financial services, such as banks, credit unions, and insurance companies, facilitating transactions and managing money.
Document workflow automation is the use of technology to streamline the process of managing documents, from creation to approval, reducing manual tasks and improving efficiency.
Pricing structure in software refers to the way a software product is priced, including factors like licensing fees, subscription models, and additional costs for support or features.
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