Our latest release delivers seamless bank statement processing with advanced validation, lightning-fast parallel AI, and structured outputs, guaranteeing accurate insights with no downtime.
Alongside these technical enhancements, this is also a seamless upgrade for our clients (which has been running behind the scenes). For our existing clients, this feature is part of the affordability module, meaning it doesn’t need to be activated, nor does it require an additional cost in its current format. It simply acts as a built-in fallback. That means you immediately benefit from fewer failures, uninterrupted operations, more successful statement processing, and a higher conversion rate, without any extra steps. This update ensures we’re processing bank templates consistently across the board, even when template changes occur (as they so often do).
What does the future of this update look like?
This update is more than just a reliability improvement. It opens the door to:
- Expansion into new markets by supporting more banks across countries.
- Payslip processing, extending capabilities into payroll documentation (stay tuned for this product launch).
- Scalable adoption, ensuring flexibility no matter the bank or statement type
Why should it matter to you?
Banks update their statement formats without warning, which traditionally leads to processing failures and costly interruptions. With AIDA, your operations stay live and uninterrupted, ensuring business continuity regardless of format shifts.
What are some of the key benefits for our clients:
- No more downtime or failures: Operations keep running even when formats change.
- Greater accuracy: AIDA delivers 94% precision, reducing errors and avoiding false rejections from minor typos.
- Higher conversions: Faster onboarding, fewer drop-offs, and smoother approvals mean more customers successfully onboarded.
- Future-ready resilience: This release lays the foundation for features like AI-powered auto-generation of templates, blending traditional speed with AI adaptability.
How it works
The new process validates each statement and applies the standard bank template when possible. If a template fails, the system automatically switches to AIDA’s AI-powered fallback, which extracts financial details and returns a structured summary. This ensures accurate, usable data is always delivered, without disruption.
On average, AIDA processes a bank statement in 30 seconds to one minute, keeping workflows efficient and responsive. Fraud detection is also built in at the earliest stage, preventing fraudulent documents from consuming resources.
Other questions you might need answered on this new release:
How does the statement processor decision tree work?
First, the system verifies that the document is a valid bank statement and identifies which bank it belongs to. If a supported template is available, it processes the statement. If the template fails (for example, due to format changes), the statement is automatically routed to AIDA. In rare cases where a document doesn’t match expected patterns, an error is flagged for review.
How does billing work when AIDA succeeds or fails?
If AIDA successfully processes the statement, billing continues as normal. If AIDA does not succeed, the billing outcome will follow the terms defined in your contract.
How long does AIDA take to process a statement?
On average, AIDA processes a bank statement in 30 seconds to one minute.
When is a fraud check performed?
Fraud detection happens at the beginning of the journey during the statement processor step. This prevents fraudulent statements from consuming additional resources or reaching AIDA, saving valuable time.
