Prepress

Global Financial Services Leader Selects Kofax for Wholesale Lockbox Banking Solution

Thursday 30. May 2013 - Total Contract Exceeds $4.6 Million

Kofax plc (LSE: KFX), a leading provider of smart process applications for the business critical First Mile of customer interactions, today announced that one of the largest financial services corporations in the world has invested more than $4.6 million for software, maintenance and professional services with Kofax to automate its wholesale lockbox banking operation, which provides remittance processing services to its customers.
The firm will use the solution to transform and simplify its mailroom, remittance and exception resolution processes while improving its customer service levels and lowering costs. The solution includes Kofax Digital Mailroom, Kofax Capture, Kofax Transformation Modules, and Kofax TotalAgility. It will process more than three billion documents per year, scanning the envelopes and documents, automatically separating, classifying and extracting remittance advice and check data, accelerating deposits and improving process agility.
“Imagine the risk associated with handling billions of checks and related financial documents a year,” said Howard Dratler, Executive Vice President of Field Operations at Kofax. “Speed and accuracy are paramount. Kofax has a track record of helping many of the world’s leading financial institutions optimize accuracy while accelerating business processes, resulting in a better customer experience and business growth.”