Extracting data from bank checks, particularly check number fields, has long been a thorn in the side of financial institutions and businesses alike.
Consider this: a medium-sized business processing 1,000 checks per month. With manual data entry, each check takes an average of 2 minutes to process, and the error rate hovers around 4%. That’s over 33 hours of work each month, with 40 checks potentially containing errors. These mistakes can lead to reconciliation nightmares, delayed payments, and even compliance issues.
Enter the world of automated check number extraction software and digital bank check number verification systems. In this blog post, we’ll explore how Veryfi Bank Checks OCR technology is addressing the age-old problems associated with check number fields, and how it’s opening up new possibilities for financial insights and operational efficiency.
What is Possible with Check Number Data Extraction for Financial Reporting?
Here are a few possible applications for bank check number field data:
- Fraud Detection: Utilize extracted check number data to identify potential check fraud by detecting anomalies in check number sequences or patterns.
- Automated Reconciliation: Leverage check number information for automated reconciliation of transactions, improving accuracy and efficiency in financial processes.
- Check Number Sequence Tracking: Analyze check usage patterns and account information to gain insights into cash flow and financial management practices.
- Risk Assessment: Use check number data along with other check fields to evaluate the risk associated with certain transactions or accounts.
- Bank Statement Reconciliation: Implement faster, more accurate reconciliation processes by leveraging extracted check number data alongside other check information.
Supported Check Number Fields in Our Cloud-Based Check Number Processing Solutions
As of writing, the following check number fields can be obtained from our check number parsing algorithms for fintech apps:
- Amount
- Amount Text
- Fractional Routing Number
- Routing From Fractional
- Check Number
Use Cases for Check Number Fields: Enhancing Check Number Verification for Online Banking
Here’s a brief rundown of how you can use these check number fields in your app to take advantage of the wealth of data our check number OCR technology for mobile banking provides:
| Field Name | Description | Insights & Intelligence | Possible Applications |
| Amount | The numerical value of the check | Analyzing transaction values, understanding spending patterns | Financial analysis, fraud detection, budget tracking |
| Amount Text | The written-out value of the check | Cross-verification with numerical amount, enhancing accuracy | Error detection, fraud prevention, accessibility features |
| Fractional Routing Number | Alternative representation of the routing number | Bank identification, transaction routing | Cross-border check processing, bank verification |
| Routing From Fractional | Extracted routing number from fractional format | Streamlined bank identification and verification | Automated clearing house (ACH) processes, bank transfers |
| Check Number | Unique identifier for each check | Tracking check usage, detecting duplicate or out-of-sequence checks | Fraud prevention, transaction auditing, reconciliation |
Over 150 fields can be extracted by our intelligent character recognition for check numbers. See the whole list.
[OCR API Worldwide Data Coverage]
Transform Your Check Processing Today: Embrace the Power of Automated Check Number Extraction
The future of check processing is here, and it’s time to leave manual data entry behind. By embracing automated check number extraction software, you’re not just saving time – you’re unlocking a wealth of financial insights and fortifying your defenses against fraud.
Ready to revolutionize your check processing workflow? Here’s how you can get started:
- Explore a Live Demo: Experience firsthand how our check number OCR technology for mobile banking can transform your operations. See the speed and accuracy for yourself.
- Start a Free Trial: Put our cloud-based check number processing solutions to the test. Process your first 100 checks for free and witness the difference in efficiency and accuracy.
- Consult with Our Representatives: Not sure how to integrate this technology into your existing systems? Our team of specialists is ready to provide a personalized consultation.
