Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Top Image Systems Won a Six Figure Project at Raiffeisen Banking Group Styria



Top Image Systems Won a Six Figure Project at Raiffeisen Banking Group Styria

Raiffeisen Selected the eFLOW(R) Platform for Key Projects

TEL AVIV, Israel and COLOGNE, Germany, Nov. 26, 2012 (GLOBE NEWSWIRE) -- Top
Image Systems, Ltd. (Nasdaq: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® 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their outdated, expensive microfiche system storing tens of thousands of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."

About Raiffeisen Banking Group Styria

The Raiffeisen Banking Group Styria, the biggest banking group in southern
Austria, comprises 84 independent Raiffeisen banks and the
Raiffeisen-Landesbank Steiermark AG, showing a consolidated balance sheet
total of EUR 25 bn. The Raiffeisen Banking Group Styria together with
Raiffeisenzentralbank (RZB) belongs to the Raiffeisen Group Austria.
Raiffeisen Bank International (RBI) handles RZB's investments in Central and
Eastern Europe (CEE).

About Top Image Systems

Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions
for managing and validating content entering organizations from various
sources. Whether originating from mobile, electronic, paper or other sources,
TIS solutions deliver content across enterprise applications. TIS' eFLOW
Platform is a common platform for the company's solutions which is marketed in
more than 40 countries through a multi-tier network of distributors, system
integrators, value-added resellers and strategic partners. Visit the company's
website at http://www.TopImageSystems.com for more information.

The Top Image Systems logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4212

Caution Concerning Forward-Looking Statements

Certain matters discussed in this news release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results to be materially different
from any future results expressed or implied in those forward looking
statements. Words such as "will," "expects,", "anticipates," "estimates," and
words and terms of similar substance in connection with any discussion of
future operating or financial performance identify forward-looking
statements. These statements are based on management's current expectations or
beliefs and are subject to a number of risks and uncertainties that could
cause actual results to differ materially including, but not limited to, risks
in product development, approval and introduction plans and schedules, rapid
technological change, customer acceptance of new products, the impact of
competitive products and pricing, the lengthy sales cycle, proprietary rights
of TIS and its competitors, risk of operations in Israel, government
regulation, litigation, general economic conditions and other risk factors
detailed in the Company's most recent annual report on Form 20-F and other
subsequent filings with the United States Securities and Exchange
Commission. We are under no obligation to, and expressly disclaim any
obligation to, update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise.

CONTACT: Shelli Zargary
         Director of Corporate Marketing and Investor Relations
         shelli.zargary@topimagesystems.com
         +972 3 767 9114
        
         Investors:
         James Carbonara
         Regional Vice President, Hayden IR
         james@haydenir.com
         + 1 646 755 7412

Top Image Systems Ltd. Logo
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement