Case study
One of our clients called us one day to tell us that he was receiving an increasing number of payments into his bank account, which, due to the sheer volume, was a lot of work and time to process manually on a daily basis.
Our client asked us to find a way to solve this problem, as such a large amount of data is difficult to process manually and there are many potential errors.
In response to this need, Indecs’ “Automated bank statement processor” feature was born.
An additional development for one of Indecs’ most powerful functions, accounting, is the automatic bank statement loading and processing feature.
Our partners usually have one or more bank accounts with different financial institutions. These statements can be downloaded in various file formats, which allows the possibility of digital processing and makes it easier to keep track of incomes and expenses for a given period.
First of all, it was important to solve the automatic loading of the bank statement into the database. The related procedure is able to load the statements and account histories of the Hungarian banks from a defined path into the program, which results in the creation of a batch bank statement in the program on the interface designed for this purpose. The bank statement items can be viewed here, and it is also possible to manually perform accounting from this interface.
Another important element of the process is the automated bank statement processor, which books the various items for transactions in a predefined order of charges in the programme, in cooperation with a customisable background process. Specific configurations are possible to identify which data the algorithm needs to look for in the payment reference field to identify the transactions. These could be transaction numbers, legal event numbers, pensioners’ identification numbers, cheque identifiers, etc. In all cases, the configuration is done according to the partner’s request. Based on the data found and identified in the payment reference field, in most cases the procedure can also determine the legal title, thus ensuring full automation.
In the case of bank statements, there are always items that are either not identifiable or contain data that when searched for will return multiple hits in the system. In such cases, the transaction remains in a ” waiting to be processed manually ” status and is sent to an administrator.
Thanks to the process, 60-85% of the items in a bank statement consisting of hundreds of items can be processed automatically and securely, leaving significantly fewer items for manual processing, saving time and effort for the user.