What are Bank Statements?
Bank statements are official financial documents issued by financial institutions that detail all account transactions over a specific period. These documents typically include deposits, withdrawals, fees, transfers, and account balance information for checking, savings, credit card, or other banking accounts.
Please check Veryfi API Docs for more details.
What are the main use cases for Bank Statement processing?
Veryfi Bank Statement API is designed for organizations that need to automate financial document processing, including:
Lending & Credit Assessment - Automated income verification and cash flow analysis for loan underwriting
Accounting & Bookkeeping - Streamlined reconciliation and automated transaction matching
Personal Finance Apps - Transaction categorization and spending analysis for budgeting tools
Fraud Detection & AML - Suspicious pattern identification and compliance monitoring
Real Estate & Mortgage - Asset verification and income stability assessment
Small Business Banking - Expense categorization and financial reporting automation
Legal & Forensic Accounting - Asset tracing and financial investigation support
Insurance & Risk Management - Claim verification and financial impact assessment
What data do we extract from Bank Statements?
Veryfi AI-powered technology extracts comprehensive data, including:
Account Information
Account holder name and address
Bank name, address, and website
Account number, routing number, IBAN, SWIFT codes
Account type and currency
Statement period dates and balances
Transaction Details
Transaction dates (transaction date and posted date)
Credit and debit amounts
Running account balances
Transaction descriptions
Card numbers (when applicable)
Transaction IDs and order sequence
Raw OCR text from each transaction line
Summary Information
Beginning and ending balances
Account summaries and totals
Statement numbers and dates
Please refer to the full API Schema in Veryfi Dev Docs
AI-Powered Transaction Categorization & Vendor Extraction
🔥 Veryfi Bank Statement API includes advanced AI capabilities for:
Transaction Categorization
Intelligently categorizes transactions into categories, especially helpful for companies building products with spend analytics.
Customizable Category Management - Veryfi Smart Categorization engine utilizes your account's categories configuration from the
CATEGORIESsection in the web portalPre-configured Categories - System includes a standard COA, a default category list ready for immediate use
Full Administrative Control - Users have complete flexibility to add new categories, rename existing ones, or remove categories that don't apply to their business
Seamless Integration - Categories configured in the web portal are automatically applied to all bank statement transaction processing
Default Category Library includes:
Advertising & Marketing, Ask My Accountant, Automotive, Bank Charges & Fees, Contractors, Gifts, Income, Insurance, Interest Paid, Job Supplies, Legal & Professional Services, Meals & Entertainment, Office Supplies & Software, Other Miscellaneous Expense, Payroll Expenses, Reimbursable Expenses, Rent & Lease, Repairs & Maintenance, Taxes & Licenses, Travel, Uncategorized Expense, Utilities
Category Customization Portal - Manage and customize your category list at: https://app.veryfi.com/categories/
CATEGORIESlist is shared across two Document Extraction APIs- Bank Statements and Invoices and Receipts.
Transaction Vendor Name Extraction
Automatically identifies and extracts merchant/vendor names from transactions
By leveraging Veryfi AI-powered transaction categorization and vendor extraction, spend management platforms transform from basic expense tracking tools into strategic financial intelligence systems that drive real business value and operational efficiency and build better and more successful products.
Transaction categorization and vendor extraction features require separate activation. These advanced AI features are not enabled by default.
To enable these, Contact our support team at [email protected] to activate transaction categorization and vendor extraction for your account.
Bank Statements API - Fraud Detection Capabilities
Veryfi's Bank Statements API incorporates sophisticated fraud detection technology that automatically analyzes submitted documents in real-time, providing immediate fraud risk assessment to protect your organization from fraudulent financial documents and ensure compliance with regulatory requirements.
Intelligent Document Authentication
Veryfi AI-powered fraud detector examines every submitted bank statement and assigns a confidence score (0.0 to 1.0) indicating the likelihood of fraudulent activity. Higher scores indicate greater confidence in fraud detection, enabling you to set automated thresholds for document acceptance or manual review workflows.
Multi-Vector Fraud Detection
The system identifies and flags various types of document fraud including:
LCD Photo Detection - Identifies documents photographed from computer screens rather than original physical documents
Non-Document Classification - Flags submissions that are not legitimate financial documents
Screenshot Detection - Recognizes digital screenshots of bank statements instead of authentic PDF exports
Duplicate Document Identification - Automatically detects when the same document has been submitted previously
Fraud features require separate activation. These advanced AI features are not enabled by default.
To enable these : Contact our support team at [email protected]
Comprehensive KYC & Verification Suite
Transform your customer onboarding and verification workflows with Veryfi integrated document processing APIs that work seamlessly together to create bulletproof financial validation systems.
🏦 Banking Documents
Bank Checks API - Extract routing/account numbers with built-in anomaly detection and accuracy reporting Learn More →
Bank Statements API - Process statements for loan verification, reconciliation, and fraud detection with AI-powered transaction categorization
Bank Letters (ADocs API) - Handle verification letters with pre-built templates or create custom blueprints for any financial document Learn More →
📋 Tax Forms Processing
🔗 Powerful When Combined
Complete Customer Onboarding - Bank statements → tax forms → check verification in one flow
Enhanced Risk Assessment - Cross-validate data across document types
Streamlined Compliance - Automate AML, KYC, and tax requirements
Unified Integration - Consistent JSON responses across all APIs
Perfect for: Fintech platforms, lending institutions, accounting software, and any business automating financial document workflows.
Learn more about All Document types Veryfi Support in this Article
Getting Started
Ready to process your first bank statement? You have three options:
Web Uploader - Upload documents directly through our web portal
Interactive API - Test API calls through our Dev docs interface
Full API Integration - Implement using Veryfi Rest API or SDKs (Python, Node.js, PHP, C#, Java, Go)
Visit app.veryfi.com/inbox/bank_statements/ to get started or check our API Documentation for technical implementation details.