Kofax plc (LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, recently announced that a major global bank selected a Kofax solution to process up to 300 million payment protection insurance claims per year. More than $400,000 has been invested to scan and extract data from documents residing on microfiche.

The bank is using a solution comprised of Kofax Capture™, Kofax’s patented VRS technology and Kofax Transformation Modules™ to automate the scanning, image perfection, classification and data extraction. Kofax’s software enables the bank to significantly speed processing while minimizing labor costs and helping to meet compliance requirements for archiving data.

“Financial institutions archive a massive volume of critical data for liability, disaster recovery, retention, and regulatory compliance purposes,” said Howard Dratler, Executive Vice President of Field Operations at Kofax. “Kofax continues to be the leader of choice for automating the capture of critical information for the world’s top banks. We help banks simplify and solve this common operational challenge so they can focus on their core business of serving the financial needs of their customers.”

Click here to view the entire Kofax press release.

 

Mark your calendar to check back for PayStream’s upcoming report titled Data Capture for Accounts Payable. This upcoming Market Discovery report is intended to help Accounts Payable, Purchasing, and IT buyers make vendor and technology selection decisions as they evaluate Optical Character Recognition (OCR). The report will focus on OCR providers who have strong AP capabilities and product strategies to meet the needs of medium and large corporate Accounts Payable automation efforts. The report will be published in September 2013.