Using Precisa

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Overview

Overview gives a high level summary of activities in the Bank Account.

This tab contains following information:

  • Quality scores – 
    • Precisa score denotes creditworthiness of the entity under review basis Bank Account analysis. This score is computed by Precisa’s proprietary algorithm based on various signals like suspicious activities, OD/CC utilization, volatility etc., Computed score could range from 0-1000 where 1000 means “No risk” and 0-499 means “High risk”
    • Volatility score denotes the stability of inflow, outflow activities taking place in the account. Score ranges from 0-1 where 0 means account is very stable with consistent inflows and outflows. A score of 1 on the other hand means there are too many and inconsistent inflows and outflows i.e. the account fluctuates a lot. 
    • Account age is computed if Account opening date is found in the uploaded files or if the user enters this information in Report Settings section.
    • Circular transactions count indicates incidences of cash flow to-and-fro between two accounts in the report. Click on the count to view all the detected circular transactions where this account was involved as primary party or counterparty.
    • Bounced cheques count. Click on the count to view all the bounced cheque transactions.
    • Transactions count and dates of first & last transactions in the uploaded statements. Click on the count to view all the transactions.
    • Monthly average balance in the account. Click on the count to view daily balance data.
  • Bank Account details –
    • Bank name
    • IFSC & MICR Codes
    • IFSC Branch name & Address
    • Account number – Precisa verifies authenticity of the Bank Account by depositing a small amount using Account number & IFSC Code. If the transaction is successful, “Verified” status is displayed next to Account number. If the transaction fails, “Invalid” status is displayed. If the account could not be verified because of non-availability of IFSC Code, “Not Verified” status is displayed. In this case, you can enter the IFSC Code in Report Settings and Save report to run the authenticity check.
    • Account type
    • Statement period
    • No transactions month – if transactions are not found in the statement for any month between Statement Start & End dates, it’ll appear here
    • Account holders
    • PAN
    • Customer address, Phone number, Email address
  • Irregularities – Precisa detects and flags following activities as potentially fraudulent or indicative of poor creditworthiness:
    • ATM withdrawals above ₹20,000 
    • Suspicious eStatements – this counter indicates if any of the PDF eStatement files failed mathematical, data format or other file level authenticity checks. In other words, this tells you if the files have been tampered with.
    • RTGS txns below ₹2,00,000 – as per RBI guidelines, minimum amount to be remitted through RTGS is ₹2,00,000 or above. If any RTGS transactions are found in the bank statement for an amount less than this minimum, they’ll be flagged here as irregularity for further investigation.
    • Round figure tax payments
    • Cheque deposits on bank holidays
    • Balance vs Computed balance mismatch – transactions where statement balance & computed balance didn’t match
    • Equal debits & credits – months in which debit txns count/amount match exactly with credit txns count/amount
    • More cash deposits vs salary – months in which cash deposits from other sources exceeded salary deposits
    • Negative computed balance (in Savings & Current Account) – Debit transactions that resulted in negative account balance
    • Immediate big debit after Salary credit – this means 50% or more of the Salary was withdrawn immediately. This could be an indication of poor spending habits or an existing high value loan, and therefore needs further investigation
    • Salary credit amount remains unchanged over extended period – if salary has remained unchanged for 13 months or more, it will be highlighted here
    • Counterparties present in both debits and credits – this could be an indication of rotation of money
  • Monthly avg  balance – monthly average balance trend. Here are some pointers for interpreting this data:
    • Ability to maintain steady positive account balance
    • Steep rise and fall in average daily balance indicates a volatile account
    • Steady increase in average daily balance indicates a growing business. On the contrary, declining trend indicates a business in trouble.
  • Deposits & Withdrawals monthly trend.
  • Outflow of funds across following high level categories is displayed here: 
    • Salary
    • Utilities – Electricity, Telecom, Water, Fuel
    • Insurance
    • Tax Paid
    • Loan – EMI, other loan payments
    • Interest 
    • Charges & fees – Bank charges, Minimum balance charged, Foreign exchange charges, Locker rent, Non-banking charges
    • Office Expenses
    • Health & Wellness – Healthcare, Fitness
    • Consumer Products
    • Debit Card Payments
    • Credit Card Bill Payments
    • Donations
    • Commission
    • Cash & ATM Withdrawals
    • Investments – Term Deposits, Mutual Funds, Equity, Debt, Other Investments
    • Penalty & Fines
    • Sweep
    • Transfer to Self
    • Outward Funds Transfer – Cheque, NEFT, IMPS, UPI, RTGS, NACH, Netbanking/ Third Party Transfer, INFT, Mobile, Foreign Remittance
    • Inward Funds Transfer Return – Cheque Return, NEFT Return, IMPS Return, UPI Return, RTGS Return, NACH Return, Netbanking Return, INFT Return, Mobile Return, Foreign Remittance Return
    • Suspense
  • Inflow of funds across following high level categories is displayed here: 
    • Salary
    • Loan – New Loan, EMI Return, Loan Repayment
    • Interest
    • Dividends
    • Investment Proceeds
    • Insurance Benefits – Insurance claims, Pension & Annuities
    • Cash & ATM Deposits
    • Reverse Sweep
    • Subsidy
    • Transfer from Self
    • Inward Funds Transfer – Cheque, NEFT, IMPS, UPI, RTGS, NACH, Netbanking/ Third Party Transfer, INFT, Mobile, Foreign Remittance
    • Charges Reversed
    • Outward Funds Transfer Return – Cheque Return, NEFT Return, IMPS Return, UPI Return, RTGS Return, NACH Return, Netbanking Return, INFT Return, Mobile Return, Foreign Remittance Return
    • Suspense
  • Net cash flow – two month-on-month trend lines are displayed here:
    • Net cash flow – difference between total inflow and outflow of funds
    • Net business cash flow – difference between total business related inflow and outflow of funds