New York, NY -- (SBWIRE) -- 10/28/2016 -- According to Victoria Meakin, the President of Ocrolus, Inc., fifty lenders have contacted her in anticipation of the November 24th release of the company API. "And," Meakin adds, "one of the lenders, who reviews 100,000 bank statement pages per month, intends to also employ PerfectAudit to review 80,000 previous applications consisting of 1.6 million bank statement pages."
One early user commenting on the competitive nature of non-bank lenders said, "Once they taste this baby, they're all taking it!"
"The reaction has been stunning, Meakin said, we quickly sold out our November and December slots and we're now taking contracts starting January 10, 2017."
PerfectAudit is a FinTech platform that eliminates the need to manually audit bank and credit statements. E-statements or scanned originals, photocopies and faxes - even with pen marks or coffee stains - are digitized with over 99% accuracy. All US financial institutions are supported. Summary statistics are automatically generated and a complete database of transactions can be instantaneously filtered by account, date, description, and dollar amount. Clients access the platform through a cloud-based application or connect directly to their data via API integration.
The system's patent-pending back-end combines Optical Character Recognition (OCR) transaction detection and crowd sourced data validation. Documents can be uploaded out-of-order and with any page orientation. Pertinent data is extracted from files and accuracy is verified. Values that cannot be automatically confirmed are snipped into small images and sent out to pre-qualified crowd workers for validation. The values are then sent into an algorithmic reconciliation process to make sure dates and dollar values sync with account balances. When the values don't tie, the data in question is sent for another layer of manual review.
PerfectAudit's proprietary backend combines transaction detection OCR technology, crowd-sourced data validation, and algorithmic reconciliation. This innovative approach enables PerfectAudit to leverage machine learning, continually enhancing automation while accelerating analysis time. The PerfectAudit API will be available beginning in September and includes analytics such as average daily balance, number of days of a negative balance per month, number of interbank deposits, and number of deposits from outside sources.
PerfectAudit (http://www.PerfectAudit.com) goes to great lengths to protect clients' private information. All files are encrypted at rest with AES-256 bit encryption, and TLS 1.2 is supported for communications. These encryption standards are recommended and used by many financial institutions as well as the federal government. User data is stored with Amazon Web Services, the same platform used by the National Security Agency and the Department of Defense. Amazon's ultra-secure facilities are monitored 24/7 by security guards and accessible only by biometric scanning. This infrastructure meets the requirements of an extensive list of global security standards, including: ISO 27001, SOC, HIPAA / HITECH, FedRAMP, and the PCI Data Security Standard. PerfectAudit guarantees the highest level of data protection.
Follow PerfectAudit on Twitter at @Ocrolus.