Top Ten U.S. Bank Invests an Additional $2.1 Million in Kofax Products and Services
April 21 2015 - 8:00AM
Business Wire
Solution Expected to Deliver 60% Improvement in
Mortgage Processing Productivity
Kofax® Limited (NASDAQ: KFX), a leading provider of smart
process applications to simplify and transform the First Mile™ of
customer engagement, today announced that it has closed a $2.1
million contract with a top ten United States bank. The diversified
financial services firm will use Kofax Capture™, Kofax
Transformation Modules™ and Kofax Monitor™ to streamline its
residential mortgage processing and Kofax Insight™ to obtain the
process intelligence needed to optimize productivity.
The bank’s residential mortgage operations currently process the
numerous documents contained within each mortgage application.
These packages are delivered to a central location where each page
of every document is manually scanned, inspected and validated
before further processing can occur. The new Kofax software will be
used to automatically capture and transform the documents’ content
and thereby facilitate quicker processing, resulting in an expected
60 percent improvement in loan package processing productivity.
Kofax Insight will provide a robust dashboard view into all
operational areas to monitor employee and system performance,
accuracy and costs, enabling real-time, actionable information for
more timely and better decision making.
“This customer’s mortgage processing center is busy 24/7, and
their volume is expected to skyrocket from 75 to 120 million pages
annually within the next few years. With the Kofax solution, they
can more efficiently scale their operations to accommodate this
growing demand,” said Howard Dratler, Executive Vice President of
Field Operations at Kofax. “And, by using Kofax Insight, the lender
will also be able to quickly pinpoint production issues and take
appropriate action to streamline and optimize their processes.”
Kofax Capture automates and accelerates business processes by
capturing all types of paper and electronic documents and forms,
transforming them into accurate and actionable digital information,
and delivering it all into core business applications, processes
and workflows.
Kofax Transformation Modules adds document classification, page
separation, data extraction and validation capabilities to Kofax
Capture™ to drive robust capture-to-process applications.
Kofax Monitor provides real-time monitoring and performance
capabilities to ensure the operational health of the Kofax software
suite.
Kofax Insight is process intelligence and analytics software
that combines discovery and monitoring capabilities with rich
business intelligence and data integrations tools.
This sale closed in the third quarter of Kofax's fiscal year
2015 and totaled nearly $1.5 million in software revenue and
approximately $600,000 in maintenance and professional services
revenue.
About Kofax
Kofax is a leading provider of smart process applications to
simplify and transform the First Mile™ of customer engagement.
Success in the First Mile can dramatically improve the customer
experience, greatly reduce operating costs and increase
competitiveness, growth and profitability. Kofax software and
solutions provide a rapid return on investment to more than 20,000
customers in financial services, insurance, government, healthcare,
supply chain, business process outsourcing and other markets. Kofax
delivers these through its direct sales and service organization,
and a global network of more than 800 authorized partners in more
than 75 countries throughout the Americas, EMEA and Asia Pacific.
For more information, visit kofax.com.
© 2015 Kofax Limited. Kofax is a registered trademark and First
Mile, Kofax Capture, Kofax Transformation Modules, Kofax Monitor,
and Kofax Insight are trademarks of Kofax Limited.
Source: Kofax
Media Contact:KofaxLaura Brandlin, +1
949-783-1545Director,
Communicationslaura.brandlin@kofax.comorInvestor Contact:MKR
Group Inc.Todd Kehrli, +1 323-468-2300kfx@mkr-group.com
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