Global Bank Reduces Compliance Burden with Kofax Solution
Kofax® plc (LSE: KFX), a leading provider of Capture Enabled BPM™ (business process management) solutions, today announced that one of the world's largest global banks has invested more than $275,000 in a Kofax solution to streamline document capture and ease regulatory compliance in its U.S. branch.
The customer will use Kofax CaptureTM, Kofax Transformation ModulesTM and Kofax MonitorTM to automatically capture, perfect and classify incoming information from more than one million pages of documents annually. The information will then be validated to ensure compliance standards before being delivered into the customer's SharePoint repository for easy access by employees. Tracing and auditing information as it moves through an organization protects banks against the costly regulatory fines associated with missing, incomplete, expired or inaccurate information. Automation accelerates the capture and processing of this information, enabling banks to increase efficiency, reduce costs and streamline document management processes.
“Organizations in document-centric industries like banking, healthcare and insurance have been using information capture to manage their increasing workloads,” said Nathaniel Rowe, research analyst at the Aberdeen Group. “Banks deployed the most aggressive plans for document management, and as a result showed the largest performance gains year-over-year, with more than 15 percent increases in time-to-information, data visibility and data discoverability. Banks also reported costs to capture documents that were 50 percent lower than other organizations.”
“Meeting ever tightening compliance standards is an ongoing challenge for financial institutions,” said Howard Dratler, executive vice president of field operations at Kofax. “By automating information capture with a Kofax solution, banks ease the compliance burden by establishing a clear chain of custody from the Point of OriginationTM, where it first touches the enterprise, through to final archiving.”
Kofax Capture™ (KC) 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 classification, page separation, 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 the entire Kofax software suite. 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.
Kofax® plc (LSE: KFX) is a leading provider of Capture Enabled BPMTM solutions. These award-winning solutions capture and streamline the flow of business-critical information throughout an organization in a more accurate, timely and cost-effective manner, enabling our customers to be more responsive to their constituents and better grow their businesses. Kofax solutions provide a rapid return on investment to more than 20,000 customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these solutions through its own 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.
© 2012 Kofax plc. “Kofax” is a registered trademark and “Capture Enabled BPM,” “Kofax Capture,” “Kofax Transformation Modules” and “Kofax Monitor” are trademarks of Kofax plc.