|By Business Wire||
|January 17, 2013 04:00 AM EST||
Kofax® plc (LSE: KFX), a leading provider of Capture Enabled BPM™ (business process management) solutions, today announced that a leading business process outsourcer providing services to the real estate, mortgage and financial industries has invested more than $1 million in a Kofax solution that will help drive business growth and accommodate a significantly increased volume in mortgage applications.
The customer, one of the largest servicers of subprime mortgages in the U.S., will use Kofax Capture™, Kofax Transformation Modules™ and Kofax Monitor™ to capture and perfect information from up to 20 million pages daily. Once captured, relevant information will be automatically classified and extracted, and then delivered to the appropriate process, eliminating the errors and delays associated with manual document separation and input. Processing delays can be especially costly in the subprime mortgage industry where applications must be processed within a 60 day period to meet compliance standards and avoid fines. By optimizing operational processes, the customer can service more clients and potentially double its volumes in one year.
“Financial services and related organizations that invest in improving the speed of their document capture and processing capture information 53 percent faster and spend 83 percent less per document,” said Nathaniel Rowe, research analyst at Aberdeen Group. “Multiply that over tens of millions of pages daily and you’ll see the kind of operational savings that can drive major growth initiatives.”
“By removing manual document preparation, Kofax mortgage processing solutions accelerate critical processes and reduce the time it takes to approve mortgage applications,” said Howard Dratler, executive vice president of Field Operations at Kofax. “Mortgage service providers can become more responsive to the banks they serve and close more business, faster.”
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 BPM™ 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.
© 2013 Kofax, plc. “Kofax” is a registered trademark and “Capture Enabled BPM,” “Kofax Capture,” “Kofax Transformation Modules” and “Kofax Monitors” are trademarks of Kofax, plc.