U.S. Government Agency Invests an Additional $300,000 with Kofax to Automate Mortgage Loan Processing
September 30 2014 - 3:00AM
Business Wire
Speeds Processing and Increases Efficiencies
Across State Offices
Kofax® Limited (NASDAQ and LSE: KFX), a leading provider of
smart process applications for the business critical First Mile™ of
customer interactions, today announced that a United States
government agency has invested $300,000 to expand its Kofax
solution. The agency uses its Kofax solution to automate and
streamline the processing of more than 30 million mortgage related
documents such as appraisals, loan agreements and settlement notes
received annually across 70 state offices.
The government agency, which administers more than $40 billion
in loans, has been using Kofax Capture™ and Kofax Transformation
Modules™ to automate the capture of document images and is now
leveraging the software’s full capabilities to automatically
identify and extract critical borrower information from documents.
The solution then exports the results into the agency’s systems of
record, all while ensuring the consistent application of business
rules needed for regulatory compliance and governance purposes.
“Many Kofax customers start by digitizing information to improve
information visibility as this government agency did,” commented
Howard Dratler, Executive Vice President of Field Enablement at
Kofax. “The beauty of working with Kofax is that customers can
increase the business value of their solution over time. So after
improving information visibility, this agency can achieve
operational excellence, increase customer intimacy and, ultimately,
achieve enterprise agility.”
Kofax Capture 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.
Kofax Transformation Modules (KTM) is an integrated platform of
applications that streamline the transformation of different
document types into structured electronic information, ready for
delivery into business systems and processes.
The sale closed during the fourth quarter of Kofax’s fiscal year
2014 and included over $300,000 in software license revenue.
About Kofax
Kofax is a leading provider of smart process applications for
the business critical First Mile of customer interactions. These
begin with an organization’s systems of engagement, which generate
real time, information intensive communications from customers, and
provide an essential connection to their systems of record, which
are typically large scale, rigid enterprise applications and
repositories not easily adapted to more contemporary technology.
Success in the First Mile can dramatically improve an
organization’s customer experience and greatly reduce operating
costs, thus driving increased 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, business process outsourcing and
other markets. Kofax delivers these 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.
© 2014 Kofax Limited. Kofax is a registered trademark and First
Mile, Kofax Capture and Kofax Transformation Modules are trademarks
of Kofax Limited.
Source: Kofax
Media:Kofax LimitedLaura Brandlin, +1
949-783-1545Director,
Communicationslaura.brandlin@kofax.comorInvestors:MKR Group
Inc.Todd Kehrli, +1 323-468-2300kfx@mkr-group.comorFTI
ConsultingChris Lane, +44 (0) 20 3727
1000kofax@fticonsulting.com
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