Brazilian Subsidiary to Automate & Accelerate the Processing of 240 Million Checks Annually
IRVINE, CA - Kofax plc, a leading provider of capture driven process automation solutions, recently announced that a global banking group that is one of the 10 largest in the world will extend its use of Kofax software to its Brazilian subsidiary. The value of the contract to Kofax exceeds $2.6 million.
The Brazilian subsidiary will implement Kofax Capture, Kofax Transformation Modules and Kofax Monitor to automate and accelerate the processing of approximately 240 million checks it receives annually. The Kofax software will enable the customer to perform digital check scanning at the branch level, thereby removing the need to physically ship paper checks from branches to a central location for processing. Following the truncation process, the check images and data will be routed to the bank’s proprietary financial processing application. As a result, the customer will improve efficiencies and reduce the costs associated with manual check processing and transportation.
"By automating the extraction of information from millions of incoming customer documents, banking institutions around the world are able to reduce the costs and errors associated with manual, paper intensive tasks, accelerate critical processes and better serve the needs of their customers," said Alan Kerr, Executive Vice President of Field Operations at Kofax.
Kofax Capture provides industry leading scan-to-archive capabilities by scanning documents and forms to create digital images, extracting index data for retrieval purposes and delivering the images and associated data to a variety of repositories and applications. This can significantly reduce retrieval costs while improving regulatory and compliance efforts. Kofax Capture is flexible and scalable, enabling customers to define where and how images are captured and indexed, whether in a home office, remote branch or back office data center.
Kofax Transformation Modules (KTM) adds document and form classification, page separation, challenging data extraction and validation capabilities to Kofax Capture to drive robust capture-to-process applications. By automating what were previously labor intensive, error prone and time consuming tasks, Kofax Transformation Modules can significantly reduce labor costs, improve information quality and accelerate business processes.
Kofax Monitor provides real time monitoring and performance capabilities to ensure the operational health of Kofax Capture, and intelligent recognition and communication systems. It monitors the system’s components, including scanners supporting Kofax VRS, and its business service viability, providing real time access to operational information so immediate corrective action is taken.