People around us are well aware of banks and it’s various functions. The bank is a financial institution where people come to deposit money for future use. And come to take the loan for any use. The bank is always a pillar that helps people with monetary issues. Even people always get to know about many policies meant for the help of common people. Even not only loans but in banks, people will be able to withdraw their money quickly. Which they might have been saving for any specific use or in an emergency.
To maintain every transaction and keep every record of the transaction. It is important to maintain or keep a record known as a Bank Statement. The bank statement is a summary of an official record of the financial transaction in the bank account of the account holder. This is the record where all financial transactions occur within a given period. These statements are prepared by the financial institution. So that they can indicate the period which has been covered by the statement. Even it may contain other relevant information of the specific account.
IMPORTANCE OF BANK VERIFICATION STATEMENT SOFTWARE
- Any bank and financial institution needs to have a proper and expert person handling. Or dealing with customers’ bank account verification process. Even a single mistake can have a negative impact on the record of a bank statement.
- The record can help to understand a person to know about all the transactions. Or the expenses done or taken place from the holder’s account. The record will allow that person to realize that where is that exact place where all costs are going on.
- It was not easy to maintain each and every record manually as there were various different accounts in the bank. But keeping them at the same time that too in a manual way was not easy. But when bank statement verification software was approved for use in the bank, the workload was reduced.
- The most exciting fact is that the software for the bank statement purpose is straightforward to manage and work with. There is no need for any specific steps or processes to get started with the work with software. Only one procedure was enough to control and to work correctly.
- The software will help the person who is in charge of making or producing the statement to do the work in the most accurate way. There will be no extra burden to get started with the result. As there is only one precise way the work can be done very quickly without any problem.
- Sometimes, it becomes very difficult to get accurate account data. But the help of software for verification of bank statements has helped to get all data correctly. With the use of software, data would be provided. And the bank statement would be produced= in the best way without any mistakes.
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DOCUMENTS REQUIRED FOR VERIFICATION
Before starting any legal item or taking any financial borrow or anything related legal formalities are important elements. Even not only in the bank but also some money transaction apps also require to complete all legal documents and paper so that later on there are no issues created. To avoid any problems or troubles in financial work, it’s important to complete the KYC, also known as Know Your Customer. KYS is an important and mandatory verification procedure that is supposed to be carried out by any bank or any financial institution.
Even apart from banks and financial institutions and other organizations with a global goal of reducing illegal activities such as money laundering. Even in banks and financial institutions, it is mandatory to complete KYC before opening an account and submit all necessary documents to the bank. Some documents which are necessary to complete KYC are; Identity proof of the customer, address proof of the customer, photos of the customer, and many more.
FUNCTIONS OF ELECTRONIC BANK STATEMENT
When time passed, many new elements and changes were also occurring. Many recent changes have taken place in a bank or a financial institution. It was not easy for anyone to post any statement or carry any statement from one place to another. Many employees were facing issues while posting the statements. But with the change, a new change took place, which reduced the workload of every employee of the bank. Bank statement verification software made the work more accessible and joyful so that no one faced any problems. It helps to complete the job in less time than the manual method. People mostly choose to work with this mode so that their efficiency will remain constant and increase in the future.
In 1990, every bank or financial institution encouraged every customer to receive all statements related to the account through electronic mode. The switch was normally required to be expressed to the customer’s consent, which was to be obtained through an online banking system. Even producing more electronic statements is used to save the high cost of the financial institution or the bank.
Even with it, it also saved the high price of folding the statement letter and putting it into the envelope along with postage cost. So, Even customers started to receive statements more promptly, and customers no longer had to wait for the delivery service to give the letter.
FUNCTIONS OF PAPER STATEMENT
When the bank was introduced as a financial institution, bank statements were produce as paper statements. The paper statements were periodically on one month or a quarter or annual basis. When this process was being used in banks, late in the year 1960, the management decided to introduce computers in banks. The workload got reduce when computers were introduced. All employees who are been working for so long without computer start to work more smoothly after the computer’s introduction.
All bank accounts with very small transaction volumes like investments or saving accounts may help to produce in low frequency. for having a transaction with any of the customers of a bank, the bank requires the paper statement at first.
According to the dependence on the financial institution, all the bank statements can also include features like a cancelled cheque or the image of the cheque. This feature can be cleared through the account during the statement period. All the paper statements were posted on the customer’s home address, and along with this sometimes, a copy of the statements can be posted too. Few financial institutions were used to post bank statements on any occasion, including notices like a change in fees or interest rate or maybe to include any promotional material.
CONCLUSION
After getting to know so many unknown facts about bank statement verification software, this can now be concluded that usage of the software is essential nowadays. The software that has been there for verification purposes is beneficial. Many bank employees or experts are there who may get exhausted or may get problems while clarifying. But their use of software can help them with their work to be done in time.
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