Top Ten U.S. Bank Invests an Additional $2.1 Million in Kofax Products and Services

Kofax^® Limited (NASDAQ: KFX), a leading provider of smart process applications to simplify and transform the First Mile™ of customer engagement, today announced that it has closed a $2.1 million contract with a top ten United States bank. The diversified financial services firm will use Kofax Capture™, Kofax Transformation Modules™ and Kofax Monitor™ to streamline its residential mortgage processing and Kofax Insight™ to obtain the process intelligence needed to optimize productivity.

The bank’s residential mortgage operations currently process the numerous documents contained within each mortgage application. These packages are delivered to a central location where each page of every document is manually scanned, inspected and validated before further processing can occur. The new Kofax software will be used to automatically capture and transform the documents’ content and thereby facilitate quicker processing, resulting in an expected 60 percent improvement in loan package processing productivity. Kofax Insight will provide a robust dashboard view into all operational areas to monitor employee and system performance, accuracy and costs, enabling real-time, actionable information for more timely and better decision making.

"This customer’s mortgage processing center is busy 24/7, and their volume is expected to skyrocket from 75 to 120 million pages annually within the next few years. With the Kofax solution, they can more efficiently scale their operations to accommodate this growing demand,” said Howard Dratler, Executive Vice President of Field Operations at Kofax. "And, by using Kofax Insight, the lender will also be able to quickly pinpoint production issues and take appropriate action to streamline and optimize their processes.”

Kofax Capture automates and accelerates business processes by capturing all types of paper and electronic documents and forms, transforming them into accurate and actionable digital information, and delivering it all into core business applications, processes and workflows.

Kofax Transformation Modules adds document classification, page separation, data extraction and validation capabilities to Kofax Capture™ to drive robust capture-to-process applications.

Kofax Monitor provides real-time monitoring and performance capabilities to ensure the operational health of the Kofax software suite.

Kofax Insight is process intelligence and analytics software that combines discovery and monitoring capabilities with rich business intelligence and data integrations tools.

This sale closed in the third quarter of Kofax's fiscal year 2015 and totaled nearly $1.5 million in software revenue and approximately $600,000 in maintenance and professional services revenue.

About Kofax

Kofax is a leading provider of smart process applications to simplify and transform the First Mile™ of customer engagement. Success in the First Mile can dramatically improve the customer experience, greatly reduce operating costs and increase competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in financial services, insurance, government, healthcare, supply chain, business process outsourcing and other markets. Kofax delivers these through its direct 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.

© 2015 Kofax Limited. Kofax is a registered trademark and First Mile, Kofax Capture, Kofax Transformation Modules, Kofax Monitor, and Kofax Insight are trademarks of Kofax Limited.

Source: Kofax