Sign Up: Register for an account on the BankStmtConverter website.
Choose a Plan: Select the plan that fits your needs (Basic, Starter, Pro, or Enterprise). Plans vary by volume, features (OCR, file types), and support.
2. Uploading Documents
Upload Bank Statements: Upload your PDF or scanned image bank statements directly through the web interface.
Supported Formats: PDFs for all plans; images and screenshots for Pro and above.
3. Data Extraction & Conversion
Automatic Table Detection: The AI detects tables and extracts transaction data.
OCR Processing: For Pro and Enterprise plans, OCR converts scanned images into structured data.
Format Selection: Choose your output format—Excel (XLSX), CSV, or Google Sheets.
4. Download & Integration
Download Data: Instantly download the converted files.
Integrate: Import the structured data into your accounting, ERP, or financial analysis tools.
Custom Model Training: For large firms, custom AI model training is available.
On-Premise Deployment: Option for local installation and integration with internal systems.
Customisation
Enterprise Plan Custom Model Training: The software offers custom AI model training for large accounting and financial firms. This allows the AI to be tailored to specific document formats and unique business requirements, enabling accurate handling of complex or non-standard bank statement layouts.
On-Premise Deployment: For organizations needing tighter integration and enhanced control, an on-premise installation option is available. This lets companies run the software within their own infrastructure, supporting customized workflows and meeting internal security policies.
Advanced AI Capabilities: The AI system is trained on over one million financial documents and uses intelligent table detection along with contextual understanding to extract transaction data accurately. In enterprise settings, this can be further customized to improve precision for specific banks or statement types.
Email Notification Customization: Users can customize email notifications related to conversion status, allowing integration into existing business processes and alert systems.
API Availability: Currently, there is no public API offered, which may limit some types of direct automation or integration.
Additional Costs
Setup Fees: There are no setup fees for standard plans. The software is cloud-based and ready to use immediately after subscription, so no upfront installation or configuration charges apply for most users.
Support Charges:
Basic plan users do not receive email support.
Starter plans and above include email and chat support at no additional cost beyond the subscription fee.
Enterprise customers typically receive dedicated support as part of their customized service, though specific support fees are not publicly disclosed.
Maintenance Fees: No separate maintenance fees are charged. Maintenance and software updates are included within the subscription or license fees, especially for cloud-based offerings.
Pricing Structure:
Pricing ranges from pay-as-you-go options (e.g., $15 for 75 credits) to monthly or yearly subscriptions starting at approximately $20 per month for Starter plans, up to $400 per year or more for Pro and Enterprise plans.
Enterprise plans with unlimited conversions and custom features are priced on a case-by-case basis and generally cost more than standard subscriptions.
Training
Support Channels: New users can access support primarily through email and live chat. The support team is reachable via email and an integrated chat feature on the platform, providing assistance with questions or issues during onboarding and usage.
Self-Service Resources: While there is no explicit mention of formal training programs or tutorials, the software’s user interface is designed to be intuitive and easy to use, minimizing the learning curve for new users. The platform’s simplicity is frequently noted in user reviews.
No Dedicated Training Programs: There is no publicly stated offering of structured training sessions or onboarding webinars. Enterprise clients may receive more tailored support as part of their customized service agreements.
Security Measures
Data Encryption: BankStmtConverter uses 256-bit AES encryption to secure data at rest. All user files are stored within encrypted AWS S3 buckets, ensuring strong protection of stored information.
Secure Data Transmission: Data transmitted between users and the platform is secured using HTTPS with digital certificates and encrypted via TLS 1.2 protocols, protecting data in transit from interception.
Cloud Security: The platform leverages trusted cloud providers with robust physical and infrastructure security controls, benefiting from their compliance and security certifications.
Data Availability and Backup: A distributed cloud database architecture ensures high scalability and efficient workload distribution. Regular backups are performed to minimize the risk of data loss.
Data Minimization and Privacy: Only essential data required for conversion is collected and stored. The company explicitly states it does not use customer data to train or enhance AI models, nor does it sell user data.
Data Retention and Deletion: Users can select data retention periods aligned with their business or regulatory needs, with flexible options for data disposal.
Monitoring and Logging: User activities are logged for troubleshooting and support. Users can access summaries of their activity history within their accounts.
Code Management and Security Testing: All new features and updates undergo thorough review and security audits before release to ensure robustness.
Trusted Subprocessors: The company uses reputable subprocessors for storage, email, payments, cloud infrastructure, chat, and DNS services, ensuring end-to-end security compliance.
Updates
Regular Updates: BankStmtConverter conducts ongoing development with new features, bug fixes, and security patches. All updates go through a rigorous review and testing process before deployment.
Automatic Deployment: As a cloud-based SaaS platform, updates are managed centrally and deployed automatically without requiring user intervention, ensuring all users have access to the latest version seamlessly.
No User Maintenance Required: Users do not need to manually install updates or manage software versions, as the platform handles this transparently.
Data Ownership and Portability
User Data Ownership: BankStmtConverter explicitly states that your financial data remains exclusively yours. They do not use customer data to train or enhance their AI models, nor do they sell or share your financial information beyond necessary subprocessors for service delivery.
Data Retention and Deletion: Users have flexible options to choose data retention periods that fit their business, legal, or regulatory requirements. The platform offers data disposal options allowing users to delete their data when desired, supporting data portability and compliance needs.
Access to Data: Users can access summaries of their activity and data history within their accounts. This transparency supports users’ control over their data.
Trusted Subprocessors: Data may be processed by trusted third-party service providers (such as cloud storage, email, payment processors), all vetted to ensure security and confidentiality.
Scaling Up / Down
Flexible Plans: BankStmtConverter offers multiple subscription plans ranging from pay-as-you-go credits to monthly or yearly subscriptions with different volume limits and feature sets, allowing organizations to scale usage according to their needs.
No Setup or Termination Fees: For standard plans, there are no setup fees or penalties for scaling down. Users can upgrade or downgrade plans as their volume or feature requirements change.
Enterprise Customization: Larger organizations can negotiate enterprise-level agreements that include unlimited conversions, custom AI training, and on-premise deployments. These agreements are typically flexible to accommodate growth or changes in organizational needs but may involve negotiated terms and pricing.
Automatic Scaling: The cloud-based architecture supports high scalability, enabling efficient handling of increased workloads without user-side technical intervention.
The terms & conditions for contract renewal and cancellation
Automatic Renewal: Subscriptions to BankStmtConverter automatically renew at the end of each billing cycle unless canceled by the user or by BankStmtConverter. This applies to all subscription plans, which are billed in advance on a recurring basis (monthly or yearly depending on the plan).
Managing Subscription: Users can manage or cancel their subscriptions through their online account management page or by contacting customer support via email. Cancellation must be completed before the end of the current billing cycle to avoid automatic renewal charges.
Free Trial Terms: If a free trial is offered, users may be required to enter billing information upfront. No charges occur until the trial period ends. Unless canceled before the trial expires, the subscription will automatically convert to a paid plan and billing will commence.
Refund Policy: Refunds are provided only within 14 days of the original purchase. After this period, no refunds are issued.
Fee Changes: BankStmtConverter reserves the right to modify subscription fees at any time. Fee changes become effective at the end of the current billing cycle, and users receive reasonable prior notice to allow cancellation before new fees take effect. Continued use after fee changes constitutes acceptance of the new fees.
Failure to Pay: If automatic billing fails (for example, due to an invalid payment method), BankStmtConverter may immediately terminate access to the service.
Cancellation Notice: Some plans or services may require a 30-day notice period for cancellation. Users should verify the exact notice requirements in their subscription agreement.
Account Deactivation: Upon cancellation, the account remains active until the end of the paid billing period, after which access is deactivated. Retention or deletion of saved data depends on the company’s data retention policies.
Compliance
There is no public listing of specific compliance certifications such as GDPR, SOC 2, or ISO 27001.
The platform emphasizes strong data security practices including encryption, secure data storage, and privacy protections that align with common industry standards.
The company uses trusted subprocessors and cloud infrastructure providers who typically comply with recognized security frameworks.
For detailed information on compliance certifications, users are encouraged to contact BankStmtConverter directly or review their official security documentation.
