New Industry-First Automated Solution Accelerates Analysis, Increases Visibility into International Transfers and Ensures Currency Exchange Rate Consistency
DENVER and SEATTLE - Valid8 Financial, 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.
Effectively handling extensive data sets comprising hundreds to thousands of accounts poses a significant challenge for professionals like crime investigators, accountants, and attorneys. Particularly in the realm of international investigations, dealing with numerous transactions involving accounts and entities across multiple countries, each with its distinct currency, can be a complex task. Valid8 Financials has introduced a novel Multicurrency feature that streamlines this process by automatically accessing the daily exchange rates from the European Central Bank for 166 currencies. It then performs the conversion of each transaction into a designated base currency.
This automated currency conversion functionality greatly enhances the efficiency of data processing. It not only reduces the time spent on laborious data preparation and cleanup tasks but also empowers these professionals to focus more on in-depth analysis and strategic planning, which are critical aspects of their 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.
