10 best bank statement extraction software in 2025

Explore some of the best bank statement extraction software solutions, the tech component that financial and accounting professionals can’t ignore to thrive and survive

10 best bank statement extraction software in 2025

Introduction

As leading industry players in banking and finance hurry to adopt bank statement extraction software and win the technology race, the evolution of financial operations reduces to one word that has impacted our way of working: automation

The reverb of automation software has hit businesses of any kind and shape, demonstrating that error reduction and time saving are the game changers of this realm, from the small company to the enterprise-level financial team.  

In this article, we explore some of the best bank statement extraction software, the tech component that financial and accounting professionals can’t ignore to thrive and survive.

Quick access

  • What is bank statement extraction software & how does it work?
  • 10 best bank statement software, in short
  • The best bank statement extraction software: a detailed comparison
    • Procys
    • Microsoft Power Automate
    • Microsoft Business Central
    • Docsumo
    • Nanonets
    • Zoho Books
    • Xero
    • QuickBooks
    • DocuClipper
    • Infrrd
  • How to choose the best bank statement extraction software

What is bank statement extraction software and how does it work?

Bank statement extraction software automates the process of extracting financial data like transaction details, account information, and other critical elements to perform fast, error-free financial operations. 

The key technology that empowers this is AI-powered OCR (Optical Character Recognition) to read, analyze, cluster and convert data from various formats. 

Businesses and financial professionals use these solutions to streamline data entry, enhance accuracy, and integrate financial data into accounting systems, ERPs, and other financial workflows.

Types of data manageable with bank statement extraction software

When aiming to extract and manipulate financial data with top accuracy, businesses can leverage bank statement scanning software to manage:

  • Transaction details, like dates, payee and payer information, amounts and reference numbers.
  • Account information, like bank account numbers and names, branch details and account holder information.
  • Financial values, like deposit and withdrawal  amounts, balances and currencies.
  • Payment and transfer information, like payment methods, check numbers, and types of transaction.
  • Fees and charges, like bank fees, interest earned/paid, and penalties related to late payments.
  • Additional vendor and customer information, related to the entities involved in the transactions, like payer, payee and merchants.
  • Repayments, including loans, credit cards and overdrafts
  • Compliance and fraud detection data, such as AML suspicious (and customizable) transaction flags, KYC discrepancies, and regulatory reports.
  • Reconciliation and audit data, like matching or discrepant transactions, and audit trails and history

10 best bank statement software, in short

Software Free Plan Pricing Spotlight features
Procys Low tier Affordable, easy set up, speedy updates, 24/7 customer service and AI-driven OCR with custom workflow automation
Microsoft Power Automate Low-to-high tier Seamless automation within the Microsoft ecosystem
Microsoft Business Central Low-to-high tier Comprehensive financial and accounting management with ERP integration
Docsumo Mid-High tier as considered part of Microsoft 365 plans AI-powered data extraction for financial documents
Nanonets Mid-to-high tier AI-based tool for bulk document processing
Zoho Books ✅ (limited by credit consumption) Low-to-mid tier Affordable accounting solution with automated bank reconciliation
Xero Mid tier Cloud-based accounting functions with automated transaction matching
QuickBooks Mid tier Financial management tool with strong bank integrations
DocuClipper Low-to-high tier Easy-to-use bank statement extraction for small accounting teams
Infrrd Quotation-based, high tier Advanced machine learning for enterprise financial teams
We crafted this list leveraging the knowledge of software engineers, IT experts, and finance leaders with decades of experience.
The software evaluation takes into consideration both industry-related and technical features, with the
best interest of financial teams and tax consultants in mind, while taking into consideration the needs for small business owners and inbounded accounting teams. 
This list does not aim to discredit directly any of the mentioned software providers. 

The best bank statement extraction software: a detailed comparison

1. Procys: a modern alternative for bank statement extraction

Procys is an advanced AI-driven and ML-based document processing solution designed for financial professionals, accountants, and businesses needing automated bank statement data extraction.

Unlike other traditional solutions that focus on the number of users or of documents, Procys puts at its center efficiency with user-friendly custom automation workflows.

Flexibility is also a major game-changer, as Procys includes pre-built integrations with an enormous list of software (and accessible guides to activate them).

Procys has

  • A proprietary AI-powered OCR system
  • An easy interface to build custom automation workflows
  • AI-driven fraud detection that recognizes suspicious patterns and data consistency
  • Native integrations with other accounting tools, ERPs, and CRMs

Procys is

  • GDPR compliant, implementing minimization, encryption and pseudonymization for both stored and in-transit data
  • ISO-certified, which entails passing frequent audits and risk assessments according to the Information Security Management System policy
  • AICPA SOC compliant, which imply a strict monitoring systems for data access, multi-layer authentication and role-based access control (RBAC)

Key bank statement extraction features

  • AI-powered OCR with high-accuracy data extraction
  • GDPR-compliant security and data handling
  • Custom workflow automation for different business needs
  • Integrations with basically any accounting software
  • Bulk document processing and API access 
PROS Highly accurate AI extraction
Scalable and customizable automation
Strong compliance and security measures
CONS Price is quotation-based for enterprises with large operations

Pricing

Procys offers a free plan and one of the most accessible tiered plan lists on the market, starting at 9,99€/month and with a quotation-based model for enterprises.

2. Microsoft Power Automate

Microsoft Power Automate is a component of Microsoft ecosystem that enables businesses to automate document-based workflows, including bank statement extraction. .

Key Features

  • Uses AI-powered document processing and robotic process automation (RPA)
  • Prebuilt connectors for finance and accounting software
  • Cloud-based automation with security compliance
PROS Seamless integration with Microsoft ecosystem
Advanced automation capabilities
Secure and scalable
CONS Requires profound technical setup
Higher pricing for all types of businesses and less scalable
Difficult to integrate with other tools outside the Microsoft ecosystem

Pricing

User-based, tiered plans starting at $15 per user per month, up to $215.00 per month

3. Microsoft Business Central

Microsoft Business Central is another component of the Microsoft ecosystem, with an ERP solution that includes bank statement processing as part of its financial management features.

Key Features

  • Automated bank reconciliation
  • AI-powered document capture
  • Integration with Microsoft Excel and Dynamics 365
PROS Secure Microsoft cloud infrastructure
Deep integration with other Microsoft products
CONS Not a standalone bank statement extraction tool
Requires implementation and configuration, especially for vertical functions like bank statement extraction
Difficult to create custom integrations with other tools

Pricing

Business Central is a high-tier product with tiered plans starting at 70$ per user per month. Pricing plans are limited and users can refer to a Microsoft 365 business subscription to include Business Central functions.

4. Docsumo

Docsumo is an AI-powered document processing tool that automates data parsing, extraction and classification, with a good flexibility for integrations.

Key Features

  • AI-based OCR for financial documents
  • API integration for automated workflows
  • Multi-format document support
PROS High accuracy in data extraction
Scalable automation
API for developers
CONS The number of user seats is a pricing driver, making it more costly for scaling operations
Might be expensive for small businesses
Requires setup and a substantial learning curve for advanced workflows

Pricing

Tiered pricing with additional pay-as-you-go options; it starts with a free plan but can get as high as $2,499 per month.

5. Nanonets

Nanonets specializes in AI-driven document automation, including bank statement extraction, for businesses that process large document volumes.

Key Features

  • AI-powered OCR with machine learning
  • API access for seamless integrations
  • Customizable automation workflows
PROS Scalable AI-powered document processing
Works with multiple document formats
CONS Requires training for custom models
Pricing is higher for advanced AI features
The system may struggle with highly unstructured documents

Pricing

Pay-as-you-go model, with free trial but also getting to $999.00 per month (as per G2 reports).

6. Zoho Books

Zoho Books is a document automation software that offers bank statement import and transaction categorization as a part of the ZOHO CRM ecosystem.

Key Features

  • Bank reconciliation automation
  • AI-powered transaction categorization
  • Multi-currency support
PROS Affordable pricing
Free trial available
CONS Integrates mainly with Zoho ecosystem
Limited document processing features
Not a standalone OCR tool

Pricing

Tiered pricing starting from €12 to €36 per month. 

7. Xero

Xero is a cloud-based accounting platform that includes bank statement processing and reconciliation features for small and mid-sized businesses.

Key Features

  • Automated bank feeds and reconciliation
  • AI-powered transaction matching
  • Secure financial reporting
PROS User-friendly interface
Strong integrations with financial tools
CONS Critical features like bulk reconcile transactions and multi-currency management are limited to high tier plans
Tracking and reporting features need additional, hardly-scalable payments

Pricing

Tiered pricing plans from $29 to $69 per month.

8. QuickBooks

QuickBooks is an accounting software that includes bank statement importing and reconciliation tools, with a comprehensive, yet tier-fragmented set of functions.

Key Features

  • Automatic bank feeds
  • AI-powered categorization
  • Financial reporting tools
PROS Strong integration with banks
Variegated reporting and insight-collection functions
CONS Not hyper-focused on OCR-based bank statement extraction tools per se
User seats drive the price, making it less scalable

Pricing

Tiered pricing plans that start at €19 per month up to €70 for advanced options. 

9. DocuClipper

DocuClipper automates bank statement data extraction for accountants and small financial teams.

Key Features

  • AI-powered OCR extraction
  • Automated reconciliation
  • Bulk document processing
PROS Easy setup
Strong accuracy
CONS High pricing for small businesses
API integrations, audit logs, and team management options are available only for top-tier plans and enterprises
Limited integrations outside accounting platforms and advanced AI customization options

Pricing

Tiered pricing plans that start at $39 per month (non-discounted price) up to custom quotations

10. Infrrd

Infrrd provides AI-powered OCR solutions (including bank statement extraction) that are generally better suitable for enterprises.

Key Features

  • AI-driven document processing
  • Advanced machine learning algorithms
  • API-based automation
PROS High accuracy
Scalable
CONS Requires API integration for full automation
Pricing is custom, making it difficult to compare with competitors
Limited support for small business use cases

Pricing

High tier, custom pricing by requesting a quote 

How Businesses Use Extracted Bank Statement Data

  • Accounting and bookkeeping – To automating ledger entries in the software, as well as from other tools directly.
  • Expense management – To precisely categorize and analyze expenses, and ongoing vendor-related costs.
  • Financial forecasting – to predicting cash flow and budgeting as the customer base, the vendor relationships and the external fees change.
  • Loan and credit assessments – to verify the creditworthiness of payers and the details of their repayments.
  • Regulatory compliance – to scale frequent or regular tax reporting and audit preparation with efficiency.
  • Fraud detection – to prevent and avoid crisis and irreparable disasters by identifying suspicious transactions.
  • ERP and CRM integrations – to connect and centralize different operations or sub-tasks via automated financial workflows.

How to choose the best bank statement extraction software

When selecting a bank statement extraction software, businesses and financial teams should consider:

  • Accuracy and AI capabilities: mistakes in financial operations lead to penalties (in the best case scenario) or to disastrous outcomes, and bots are better than humans at spotting errors. For this, AI and OCR are the technologies that ensure maximum accuracy.
  • Integration options: businesses can’t reshape their entire tech stack just to accommodate one tool. Sure, some tools are all-in-one solutions for multiple document processing purposes, but the best bank statement extraction software is flexible and integrable with other systems.
  • Automation workflows: look for features that reduce manual intervention and streamline financial processes, without compromising accuracy and customization.
  • Compliance and security: to have clear criteria of security evaluation, you can refer to industry standard regulations, like GDPR, ISO 27001, SOC 2.
  • Pricing and scalability: choosing a solution that not just fits the business size and budget but plans in advance for its scalability roadmap, with flexible pricing options.

Conclusion

Choosing the best bank statement extraction software depends on the business growth level, needs, and scalability goals.

For AI-powered accuracy and automation, Procys offers a robust, scalable solution with custom workflows and seamless integrations.

To try out its features, create a free profile here.

10 best bank statement extraction software in 2025