Kofax reports bank contract win

Source: Kofax

Kofax plc (KFX.L), a leading provider of smart process applications for the business critical First Mile of customer interactions, today 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.

The information intensive nature of business continues to escalate at a rapid pace. Nathaniel Rowe, Analyst at Aberdeen Group, a research and advisory firm, stated in the February 2012 research brief Handling Paper in a Digital Age, "The volume of documents and unstructured data is growing by more than 30 percent per year and organizations are struggling to reconcile the worlds of digital and physical 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." 

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