One of many financial lenders' favorite MoneyThumb tools is PDF Insights. Why? Because with PDF Insights, financial lenders gain the ability to automatically convert bank, credit card, and brokerage statements into the formats they need to determine a loan applicant's creditworthiness. The data collected using PDF Insights will also help underwriters in loan determination.
In addition to text-based financial statements, PDF Insights can also convert scanned or faxed image-based documents. The proprietory OCR algorithm of this highly popular MoneyThumb product reviews questionable fields looks for patterns to self-correct, and flags questionable transactions for manual review.
PDF Insights utilizes IDR (intelligent document recognition) to identify bank/statement formats. Unlike competitors, our solution doesn't need to be told upfront which bank or format is being used, yet correctly processes over 99% of U.S. statements. Output is delivered in a standardized format, even for statements from different banks.
Watch the following video in which we explain how PDF Insights can help financial lenders.
Is MoneyThumb Enterprise Right for You?
Intelligent Document Recognition (IDR)
Recognizes 95% of U.S. bank statements, through intelligent document recognition algorithms. Unlike template-dependent processes, our software doesn’t need to be told upfront what bank statement format is being used.
Pinpoint OCR
Proprietary optical character recognition algorithms review questionable fields, look for patterns to self-correct, and flag questionable transactions. Employ the power of the only OCR software developed specifically for bank statements.
Automatic Reconciliation
Conversion accuracy is ensured by automatic reconciliation, which compares transaction totals to summary information on the statement. If everything checks out, the statement is identified as reconciled, saving you time and manual review.
Payee Cleanup
Auto-assisted cleanup of transaction payee names helps keep transactions correctly categorized and consistent, saving you further review and correction time.
Fraudulent File Detection
Thumbprint™ by MoneyThumb verifies the genuineness of PDF bank statements using patented AI and our Thumbprint database of millions of bank statements. Thumbprint calculates a score (like a credit score) that indicates the likelihood that a document has been altered. Learn More.
In addition, our automated statement reconciliation feature compares transaction totals to summary information on the statement. If all information on the statement is consistent, PDF Insights will identify the statement as reconciled, meaning you don’t have to spend time manually reviewing statements to identify inconsistencies.
Server Based File Conversion
In addition to the interactive web browser interface, PDF Insights can be accessed as a web service via a REST API that converts PDF documents upon request and returns the results as JSON data. PDF Insight can function as a powerful batch processing engine for your custom workflows.
One comment
BankStatement2PDF Team
Automatic reconciliation is the strongest point here because it gives reviewers a concrete way to validate the extracted transactions. For lender workflows, it may also help to preserve the source page number for every row so an underwriter can trace a flagged deposit or correction back to the original statement without searching manually.