Armalytix, an award-winning leading fintech that enables firms to establish their clients’ financial position for AML, affordability and investigations, announces today the launch of a new tool to enable firms to quickly and easily scan client bank statements.
When combined with their extensive open banking connections and the ability to upload bank transaction files, this means that firms will be able to analyse the exact data they need - regardless of how their clients provide it. This makes it even simpler to feed the right bank data into Armalytix’s powerful analysis and reporting.
Addressing a long-standing challenge for accountants, lawyers and other professionals, the scanning functionality bridges the gap between traditional banking documents and modern analytical tools. While the uptake of open banking has increased in recent years, many professional and financial firms still have clients who are unable to use these platforms. Whether that’s because they no longer have access to their accounts or their banks don’t support open banking, this can mean a lengthy process to get hold of statements, and then once received, a lack of proper analysis.
With increasing regulatory pressure on professionals to gain comprehensive insights into clients’ financial positions, Armalytix’s solution ensures no data source is left behind. By integrating open banking data with scanned and uploaded statements, the platform provides a unified, automated experience for financial reporting and compliance.
Richard McCall, Armalytix CEO said of the update:
‘By being agnostic to the source of the bank data, we really are the one-stop shop for firms to organise and analyse their clients’ financial data. As pressure grows to automate systems and bring statements online, we bridge the gap and turn statements into intelligent and effective reports.’
Sam Shepherd, Director and Insolvency Practitioner at LBK Insolvency and an early adopter, said:
‘By utilising Armalytix's bank statement scanning tool, we've significantly reduced the time spent manually imputing and reviewing bank statements. The detailed analytical output Armalytix produces once reconciled enables a more efficient way of reviewing transactions, improving our overall productivity, especially when it comes to our investigations'
The launch of statement scanning and analysis marks another step forward for Armalytix in helping professional practitioners navigate increasingly complicated financial data landscapes. With this enhanced capability, Armalytix continues to lead the charge in simplifying financial compliance and investigations