Top Image wins six-figure e-invoicing gig at Raiffeisen Banking Group

Source: Top Image Systems

Top Image Systems, Ltd. (TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, announced a six-figure win at Raiffeisen Banking Group Styria, an association of 84 independent Raiffeisen banks and the Raiffeisen-Landesbank Steiermark AG operating 319 branches in the Styria region of Southern Austria.

The group includes Raiffeisen Bank International AG (RBI) which operates a network of subsidiary banks and financial service providers in 17 markets across Central and Eastern Europe, employing some 61,300 employees and servicing some 14.6 million customers. Raiffeisen Bank selected TIS' eFLOW(R) first to automate its invoices and then also to replace a microfiche archive with an eFLOW solution.

Initially, Raiffeisen sought to optimize their invoice processing by reducing invoice cycle time while ensuring transparency, compliance with regulations and full integration with SAP. eFLOW successfully configured the bank's complex invoicing workflow, accommodating their more than 50 competency centers, improving relationships with the bank's suppliers and empowering their Finance & Accounting executives with better access, reporting and control of invoice data.

Satisfied with eFLOW, Raiffeisen invited TIS to propose a solution to replace their outdated, expensive microfiche system storing tens of thousands of microfiches, each holding 100 transaction documents. The old system's operation involved a cooled physical storage center and 8 personnel, while each customer request for information from a fiche required 1 to 3 days for response. With TIS' banking process expertise, an eFLOW solution was devised to capture key data - account numbers, amounts, etc. from the fiches, enabling open access, 3 second searches per record and automatic seamless delivery of the data to the bank's archiving system. Going forward, the bank has dispensed with microfiches and is capturing the account data directly into the eFLOW platform. Future plans include expansion of a mailroom solution to all incoming documents, as well as to leverage the eFLOW platform's scalability to cover additional functionalities and locations across the banking group.

"Once again, thanks to the process expertise and ingenuity of our professionals, a leading European financial institution such as Raiffeisen has chosen TIS to overcome tough challenges," said Michael Schrader, Managing Director, TIS EMEA. "Another reason Raiffeisen selected TIS is because of our strong references with key Austrian enterprises such as Generali and the Austrian Post. We are confident that our relationship with Raiffeisen will expand and open even more doors for TIS in the banking industry, where eFLOW's best-in-class recognition rates and superior workflow enable banks to achieve the high percentages of straight-through-processing for which they aim."

Comments: (0)

Featured job
All Jobs »
London, UK

Marketing Manager, Fintech (London)

to £65K base + bonus

13 Sep