New Industry-First Automated Solution Accelerates Analysis, Increases Visibility into International Transfers and Ensures Currency Exchange Rate Consistency
DENVER and SEATTLE, Oct. 10, 2023 /PRNewswire-PRWeb/ -- Valid8 Financial, the global leader in Verified Financial Intelligence (VFI) software, today announced automated multicurrency support, a new feature available as part of its AI-powered enterprise software solution for forensic accountants, attorneys, financial crime investigators, federal, state and local government agencies. For the past five years, Valid8's SOC2-certified financial software has been used on the most complex fraud, bankruptcy, and cryptocurrency cases worldwide.
Managing large data sets with hundreds to thousands of accounts is a critical pain point for crime investigators, accountants, and attorneys. International investigations often involve thousands of transactions between accounts and entities in several countries, each with its own currency. Valid8 Financials' new Multicurrency feature automatically accesses the European Central Bank's daily exchange rate for 166 currencies and converts each transaction into a base currency. The automation of currency conversion allows for more time to be dedicated to in-depth analysis and strategic planning, rather than tedious data preparation and cleanup work.
"Investigating financial crimes is complex, and the lack of geographical boundaries makes for a bigger headache for financial crime investigators. Add multiple currencies into the mix, and professionals are suddenly faced with spending too much time wading through exchange rates and conversions that they end up rushing analysis to get to a conclusion," said Chris McCall, co-founder and CEO of Valid8 Financial. "It's a challenge we have solved with automated multicurrency support. This solution is a game changer for financial crime investigators."
The automated Multicurrency feature will:
- Automatically convert 166 currencies, including Bitcoin, to a base currency.
- Accelerate data preparation to allow investigators to get to analysis faster.
- Reduce the risk of errors from manual currency conversions.
- Provide a more complete picture by decreasing the likelihood of missed transfers.
"Valid8's new multicurrency feature saved us hundreds of hours of manual spreadsheet work," said Joseph Friedmann, Director at Alethea. "Rather than try to deal with daily exchange rates outside the system, Valid8 automatically pulled everything in and converted everything to a base currency."
Valid8's VFI platform leverages the latest in AI technology and automation to decrease mundane, data-intensive work, allowing accounting, legal, and government staff to focus on higher value-added activities, which has been found to be critical for retaining and recruiting top talent. In addition to converting multiple currencies, including Bitcoin, its patented AI and automation algorithms extract and match data from multiple sources — including bank statements, check and deposit slip images, and client accounting — helping professionals trace the flow of funds with greater speed and accuracy.
Learn More:
- Verified Financial Intelligence (VFI) Solutions
- Customer Video Montage
- Customer Case Study: Assessing Operations for a Chapter 11 - Brandlin & Associates
- Customer Case Study: Accelerate Out of Court Workouts - Strongbow Advisors
- Whitepaper: Disputes and Investigations, Best Practices
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.
Media Contacts:
IGNITE Consulting, on behalf of Valid8 Financial
Kathleen Bermea, 303-439-9365 | [email protected]
Jennifer Dulles, 303-956-0001 | [email protected]
Media Contact
Kathleen Bermea, Valid8 Financial, 1 303-439-9365, [email protected], https://www.valid8financial.com/
SOURCE Valid8 Financial
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