DENVER & SEATTLE, November 07, 2023–(BUSINESS WIRE)–Valid8 Financial, the global leader in Verified Financial Intelligence (VFI) software, today announced the availability of AI Categorization, a new capability available to all customers on its VFI platform. AI Categorization reduces the time spent categorizing sources and uses of funds to seconds by providing a first-pass categorization, allowing accountants, attorneys and government investigators to start analysis sooner. By automatically categorizing all income and expenses users can create a trended statement using banking transactions with just a few clicks.
“Our newest capability leverages the power of AI to automatically categorize income and expenses in just seconds,” said Chris McCall, co-founder and CEO of Valid8 Financial. “Valid8 continues to deliver technology that redefines how businesses trace and analyze the flow of funds for some of the most complex fraud, bankruptcy and cryptocurrency cases in the world.”
AI categorization increases the speed of data preparation, allowing customers more time to analyze the data. Categorization is performed almost instantaneously from uploaded bank statements, check images, deposit slip images and accounting systems.
“Our legal, accounting and government users spend a significant amount of their time categorizing client banking activity. They are also looking for productivity gains so they can spend more time on the strategic, higher value work items for their clients. AI Categorization helps them achieve this goal,” added McCall. “Professional firms and government agencies gain advantage from more efficient operations, increased time for analysis and strategy, enriched transaction data, and a faster path to visualizing cash flow in and out of accounts.”
Valid8’s AI Categorization classifies banking transactions by the following criteria:
Transaction Type
Transaction Location
Income/Expense Main Category (example: retail, travel)
Income/Expense Subcategory
Counterparty (example: person, vendor, merchant)
Beyond transaction categorization, Valid8’s VFI platform extracts, matches, and refines data from multiple sources, including bank statements, check and deposit slip images, Bitcoin and client accounting extracts, helping professionals trace the flow of funds with greater speed and accuracy. AI Categorization is Valid8’s latest innovation and is part of its ongoing commitment to leverage automation and the latest in AI technology to serve accounting, legal and government professionals.
Availability
Valid8’s AI Categorization is available at no additional cost to customers and is built into the company’s SOC2-certified Verified Financial Intelligence platform.
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About Valid8 Financial
Valid8 Financial is the global leader in Verified Financial Intelligence (VFI). The company’s platform extracts accounting evidence from documents and systems to eliminate sample risk, address staffing challenges, and improve the speed and quality of rendering a professional opinion. Hundreds of firms use Valid8’s software on some of the world’s most complex, high-profile cases. The company holds numerous patents and was recognized in 2022 as a Technology Innovation Award Winner from CPA Practice Advisors and as a Top 100 Early-Stage Company by Will Reed. The company has headquarters in Boulder and Seattle. For more information, visit: www.valid8financial.com.
Valid8 and the Valid8 Financial logo are trademarks of Valid8 Financial. All other trademarks used herein are the property of their respective owners.
©2023 Valid8 Financial. All rights reserved.
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Contacts
IGNITE Consulting, on behalf of Valid8 Financial
Kathleen Sullivan, 303-439-9365 | kathleen@igniteconsultinginc.com
Jennifer Dulles, 303-956-0001 | jen@igniteconsultinginc.com
valid8@igniteconsultinginc.com
