Collection of banking transactions through True PDF bank statements
October uses Optical Character Recognition technology to extract banking data
A Bank X-Ray report is generated every time a new bank statement is uploaded
Collect your customer’s banking transactions
To generate a Bank X-Ray report about a company, the first step is to get information about their banking transactions. For that, you can Request the company to download their bank statements from their bank account and send them to you. ⚠️ In that case, the bank statements need to be True PDF.
What does it mean? A True PDF is a digital document converted into a PDF format using a software. On True PDF, the text is separated from images and both the meta-data and the characters in the text hold an electronic character designation. On the contrary, a scanned PDF is created from a print document and the text is embedded in the image.
Why is the format important? To extract information from a document, we use a technology called OCR (Optical Character Recognition). This technology only works on True PDF as it transforms electronic characters into text. This cannot be done on scanned PDF since the text cannot be separated from the image.
In any case, we recommend you to collect at least 6 months of bank statements to get a Bank X-Ray report representative of the company’s situation and identify trends and seasonality.
Generate the Bank X-Ray report
If the company has sent you their True PDF bank statements:
Upload the bank statements on October Connect to trigger a Bank X-Ray report.
If these bank statements are related to a company you have never analysed using October Connect, create a request from scratch and follow our questionnaire you to upload the documents.
If the bank statements are linked to an existing case, go to the Case tab and look for the company using the search bar. From the Summary, go to the Documents tab and click on Upload documents.
Following the upload, October’s OCR will automatically classify the documents based on their type and period and it will then extract the banking data. This usually takes a few minutes.
In case October’s OCR fails to extract the information, an emergency extraction take place. This extraction can that can take up to 48h.
From the Analysis Details section on the Bank X-Ray tab, you will find the total number of documents uploaded and their extraction status:
If the document is being analysed by our OCR or using the emergency method, the bank statement will be tagged as “in progress”.
Once the data extraction is done, the bank statement can either appear as “analysed” (successful data extraction) or “failed” (failed data extraction).
Every time a bank statement is successfully analysed by our OCR or our emergency extraction method, a new Bank X-Ray is generated. The Bank X-Ray reports history remains available at all time.
Now, find out how Bank X-Ray can help your business.