3 Verafin Alternatives to Look at in 2022 | ScanWriter, BankScan, and CFIS

“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:

1. ScanWriter
2. BankScan
3. Comprehensive Financial Investigative Solution (CFIS)

#1. ScanWriter

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.

Key Benefits

• Automate the document workflow and manual filing processes
• Run analytic models to scrutinize the movements of funds and track the audit trail
• Create reports and get hasslefree access to the dashboard
• Verify the integrity of the financial information
• Maintain confidentiality of the data by saving it locally as it is an on-premise software
• Instantly cut hourly labor costs by 90%
• Reduce the need for multiple checkpoints to account for human error
• Manage high volume & batch processing

• User-friendly interface

Integration & Deployment

• Seamlessly integration with Excel and Microsoft Power BI
• Deployable on Cloud, SaaS, web-based, on-premise – Windows, on-premise – Linux

Financial Institutions Support

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.

Language Support

ScanWriter supports 21 languages, including most European, Asian, Middle Eastern languages.

Location

Personable Inc. has its headquarters in Fountain Valley, California, and another office in Washington DC.

Client Base

ScanWriter caters to both the government and private sectors.

Customer Feedback

Pricing

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.

#2. BankScan

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.

Key Benefits

• Quicker conversion of financial records into useable electronic format
• Extract data from OCR eligible printed checks with the help of FileScan
• Customized editor for efficient error correction
• Separate transactions in multi-account statements
• Extract specific data items from transaction descriptions
• Quality control checks such as skipped line review and AutoBalance

Integration & Deployment

It requires the following for proper integration and deployment:

• Either OmniPage Standard (v18.0) or Ultimate (v19.X)
• High-resolution monitor
• Windows 7 or greater OS running on Intel i5 or greater class processor 2+ GHz speed, 8+ GB RAM
• Good quality scanners like Fujitsu fi-7160

Financial Institutions Support

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.

Language Support

English

Location

Gee Whiz Software, LLC has its base in San Diego, California.

Client Base

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.

Pricing

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.

#3. Comprehensive Financial Investigative Solution (CFIS)

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.

Key Benefits

• Link support documents like wires, checks, deposit tickets, receipts, etc. to statement transactions showing the flow of funds
• Process all kinds of data with speed and accuracy
• Perform rapid assembly and data capture of voluminous financial records
• Increase the ability to conduct extensive and complex investigations
• Automatically process paper and electronic financial documents and record data into a centralized, comprehensive database

Integration & Deployment

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.

Financial Institutions Support

The IDA Library has over 11,500 formats.

Language Support

CFIS supports multiple languages.

Location

Actionable Intelligence Technologies, Inc. is located in Virginia, United States, and provides global services.

Client Base

CFIS caters primarily to Federal, State & Local, Prosecutors, Law Enforcement, Regulatory Agencies, and Forensic Accountants. In addition, it also has a few commercial clients.

Pricing

The current price list for CFIS, its maintenance, and the related fee is availablehere.

Feature-Tool Matrix

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

Takeaway

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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