# ScanWriter v. Verafin: Which Solution Can Help You Unravel Financial Scams Efficiently? Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-03-07 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Increase Your Efficiency in Fraud Detection with ScanWriter Meta Description: ScanWriter by Personable Inc. simplifies data preparation, uncovers hidden insights, scrutinizes fund movements, and ensures data integrity for financial URL: https://financedigest.com/scanwriter-v-verafin-which-solution-can-help-you-unravel-financial-scams-efficientlyhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1296739203-1736815988229-compressed.jpg) “Torture the data, and it will confess to everything.” – Ronald Coase, Economist & Author Usually, fraudsters conceal their scams by creating layers of transactions, numerous accounts, identities, etc. In 2020, the Association of Certified Fraud Examiners (ACFE) reported that in the case of occupational fraud, the [top four methods used to conceal fraud include](https://www.financedigest.com/title-interventional-pulmonology-market-shows-huge-demand-and-future-scope-including-top-players-2031.html "Interventional Pulmonology Market Shows Huge Demand and Future Scope Including Top Players 2031") creating or altering physical and electronic documents. As an investigator sifting through these documents can be a daunting task. The volume of documents to be analyzed in large [financial scams](https://www.financedigest.com/how-financial-services-are-overhauling-security-to-defend-against-spoofing-scams.html "How financial services are overhauling security to defend against spoofing scams") can be overwhelming. Using [advanced technological](https://www.financedigest.com/cardiac-valvulotome-market-growth-latest-trends-top-players-competition-technological-advancements-outlook-and-forecast-2028.html "Cardiac Valvulotome Market Growth, Latest Trends, Top Players, Competition, Technological Advancements, Outlook and Forecast 2028") tools can help you automate the data preparation and analysis process. Let’s compare two popular software that can help you increase your efficiency, reduce labor costs, and [cut down the time](https://www.financedigest.com/britains-purplebricks-to-cut-more-than-10-of-jobs-the-times.html "Britain’s Purplebricks to cut more than 10% of jobs – The Times") spent on data preparation. ## **ScanWriter** [https://scanwriter.personable.com/](https://streaklinks.com/A9hSR7T2tnT8lLPsFg656nIi/https%3A%2F%2Fscanwriter.personable.com%2F) by Personable Inc. is a software that converts any document like PDF, handwritten checks, check images, payroll, phone records, accounting system ledger, insurance forms, contracts, etc., into Excel with compelling and [insightful data](https://www.financedigest.com/marine-big-data-market-to-expand-at-cagr-of-21-5-during-forecast-period-tmr-insights.html "Marine Big Data Market to Expand at CAGR of 21.5% During Forecast Period – TMR Insights") visualizations. ScanWriter [ensures data](https://www.financedigest.com/finance-firms-must-ensure-they-fix-data-fundamentals.html "Finance firms must ensure they fix data fundamentals") accuracy with intelligent error detection and maximizes your data entry efficiency. ScanWriter also provides an [analytic summary of data](https://www.financedigest.com/data-analytics-scenario-planning-and-the-finance-department.html "Data analytics, scenario planning, and the finance department") within minutes. ScanWriter is a certified partner of Microsoft’s Power BI (Business Intelligence) that [turns data](https://www.financedigest.com/sterling-falls-vs-dollar-as-focus-turns-to-uk-data.html "Sterling falls vs dollar as focus turns to UK data") into easy-to-understand valuable case information. ### **Key Benefits** - Converts any [financial paper document or digital file into structured and normalized data](https://www.financedigest.com/data-fake-will-be-the-new-real-in-financial-services-in-2023.html "Data: Fake will be the new real in financial services in 2023") - Helps **discover hidden insights** with [analytic data](https://www.financedigest.com/top-5-data-analytics-trends-for-2023.html "Top 5 Data Analytics Trends for 2023") summary - Scrutinizes the **movements of funds** in various [cyber crimes](https://www.financedigest.com/london-the-capital-of-cyber-crime-in-the-uk.html "London: the capital of cyber crime in the UK") - Allows to **collect, evaluate, preserve, and report findings** - You can **verify the integrity of data** [and maintain its **confidentiality** by saving](https://www.financedigest.com/investing-in-a-first-party-data-strategy-can-save-the-day-for-retailers.html "Investing in a first-party data strategy can save the day for retailers") it locally - Ensures **100% accuracy** of extracted data - Minimizes the [time and effort in data preparation](https://www.financedigest.com/savers-investors-and-expats-now-is-the-time-to-prepare-for-a-hard-brexit.html "Savers, investors and expats: Now is the time to prepare for a hard Brexit ") - **User-friendly** interface with built-in features to simplify your workflow - Creates **reports** and provides access to the dashboard without any hassle ### **Integration & Deployment** - Seamless [integration with Excel and Microsoft Power](https://www.financedigest.com/the-collective-power-of-partnerships-integrating-payment-solutions-to-drive-business-success.html "The collective power of partnerships: integrating payment solutions to drive business success") BI - Deployable on Cloud, SaaS, web-based, on-premise – Windows, on-premise – Linux ### **Financial Institutions Support** Find more than **40,000 institutions** in its library, including over 10,000 [financial institutions](https://www.financedigest.com/3-ways-financial-institutionscan-leverage-live-engagement-on-social-media.html "3 ways financial institutions can leverage Live Engagement on social media"). Additionally, customize a format for your document within **24 to 48 hours of your request.** ### **Language Support** ScanWriter supports 21 languages, including French, Spanish, Italian, Mandarin, Cantonese, Japanese, Arabic, etc. ### **Location** Personable has its corporate office in Fountain Valley, California, and a second office in Washington DC. ### **Client Base** ScanWriter’s client base consists of both government and private organizations. ### **Pricing** Standard ScanWriter Excel costs **$5,495 per license** for one workstation user and ten customized readers. Additionally, each standard license has a non-prorated **$3,234 annual maintenance fee** that covers unlimited usage by common readers, training, support, and software updates. ### **Demo & Free Trial** You can get an idea of the working of ScanWriter Excel Edition by viewing videos on their Youtube channel. You can also request a free [demo](https://scanwriter.personable.com/free-demo/) on ScanWriter’s website. ## **Verafin** [Verafin](https://verafin.com/) is a cloud-based financial crime management platform that helps in fraud detection. Verafin provides innovative evidence and investigation tools, such as risk-rated evidence, check image viewer, balance charts, geographic maps, and interactive relationship graphs. In addition, Verafin uses [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "artificial intelligence") and machine learning for cross-institutional, multi-channel analysis. ### **Key Benefits** - [Automated regulatory reporting](https://www.financedigest.com/how-banks-can-avoid-regulatory-reporting-mistakes-with-a-good-dose-of-automation.html "HOW BANKS CAN AVOID REGULATORY REPORTING MISTAKES WITH A GOOD DOSE OF AUTOMATION") and **end-to-end due diligence** solutions - Provides **visual storytelling** and collaborative investigations - [Streamlines the investigation process](https://www.financedigest.com/emvco-streamlines-approval-process-for-mobile-payment-devices.html "EMVCo Streamlines Approval Process for Mobile Payment Devices") by **significantly reducing false positives** - Enhanced **data** [analysis and customized reports](https://www.financedigest.com/sales-forecast-of-canned-motor-pumps-market-analysis-and-forecast-report-till-2030.html "Sales Forecast of Canned Motor Pumps Market , Analysis, and Forecast Report till 2030") - Lets you create a fully audited and tracked investigation ### **Integration & Deployment** Verafin is deployable on cloud, SaaS, web-based. ### **Financial Institutions Support** Supports numerous [financial institutions and uses artificial intelligence and machine learning](https://www.financedigest.com/why-banks-could-stand-to-learn-a-thing-or-two-about-financial-inclusion-from-fintechs.html "Why banks could stand to learn a thing or two about financial inclusion from fintechs") for cross-institutional, multi-channel analysis. ### **Language Support** English. ### **Location** Verafin Inc. has its headquarters in Newfoundland, Canada, and another office in Toronto, Canada. ### **Client Base** Verafin’s target customer market includes financial institutions, [credit unions](https://www.financedigest.com/credit-union-loans-in-high-demand.html "Credit Union Loans in High Demand"), and private organizations involved in economic investigation. ### **Pricing** [Pricing is available upon request from the company](https://www.financedigest.com/companies-cost-inflation-is-slowing-but-shoppers-may-wait-for-lower-prices.html "Companies’ cost inflation is slowing but shoppers may wait for lower prices"). ### **Demo & Free Trial** You can request a [demo](https://verafin.com/request-a-demo/?internal-source=button) at Verafin’s website. ## **ScanWriter v. Verafin** Here is a table for quick comparison between the two software: **Automation** **Pricing** ## **Takeaway** ScanWriter uses advanced forensic [accounting tools to examine individuals or businesses](https://www.financedigest.com/making-your-accountant-an-invaluable-asset-to-your-business.html "MAKING YOUR ACCOUNTANT AN INVALUABLE ASSET TO YOUR BUSINESS"). It ensures 100% accuracy of data and maintains data confidentiality. ScanWriter minimizes the time taken to extract and process data, providing analytic summaries within minutes. It is less expensive than Verafin and provides a more user-friendly experience. ScanWriter has dedicated [customer support](https://www.financedigest.com/why-now-is-the-time-for-banks-to-use-their-data-to-support-customers.html "Why now is the time for banks to use their data to support customers") staff to address all your questions. You can write to [ScanWriter](https://scanwriter.personable.com/) for any queries. **This is a Sponsored Feature** **ScanWriter****Verafin****Audit Trail**YesYes**Large Comprehensive Public Library**Public library of more than **40,000 institutions**, including over 10,000 [financial institutions](https://www.financedigest.com/the-future-of-financial-institutions-in-2023.html "The Future of Financial Institutions in 2023").Supports numerous [financial institutions](https://www.financedigest.com/what-the-future-holds-for-financial-institutions-in-2023.html "What the Future Holds For Financial Institutions in 2023").**Language Support**21 languages, including French, Spanish, Italian, Mandarin, Cantonese, Japanese, Arabic, etc.English.**Accuracy**100% Accuracy.Extreme Accuracy.**Data Visualization**YesYesFully automated [data conversion and analysis](https://www.financedigest.com/comparative-analysis-of-the-best-data-room-providers.html "Comparative Analysis of the Best Data Room Providers").It [requires certain processes](https://www.financedigest.com/fraud-protection-why-customer-onboarding-requires-digital-identity-processing.html "Fraud Protection: Why Customer Onboarding Requires Digital Identity Processing") to be done **manually**.**Integration & Confidentiality**ScanWriter is premise-based and **ensures data confidentiality** by saving it locally.Verafin is cloud-based, hence, poses the [risk of data](https://www.financedigest.com/how-data-visualisation-is-helping-the-insurance-sector-understand-environmental-risks.html "How data visualisation is helping the insurance sector understand environmental risks") insecurity.Standard ScanWriter Excel costs $5,495 per license and $3,234 annual maintenance fee.Pricing is available upon request from the company. Unfortunately, Verafin is an expensive software.[**Data Analytic Capability**](https://www.financedigest.com/optable-announces-new-data-clean-room-capabilities.html "Optable Announces New Data Clean Room Capabilities")Microsoft [Power BI analytics](https://www.financedigest.com/4-ways-high-performance-analytics-powers-financial-services.html "4 ways high-performance analytics powers financial services") that includes custom and built-in models (flow of funds, all transactions overview, Beneish M Score, etc.)Enhanced cross-institutional, multi-channel analysis.**Location**United States of AmericaCanada --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---