Business Process Outsourcer Drives Growth with Kofax Mortgage Processing
Software to Process up to 20 Million Pages Daily, 1 Billion Images Annually
IRVINE, Calif. -- January 17, 2013
Kofax^® plc (LSE: KFX), a leading provider of Capture Enabled BPM™ (business
process management) solutions, today announced that a leading business process
outsourcer providing services to the real estate, mortgage and financial
industries has invested more than $1 million in a Kofax solution that will
help drive business growth and accommodate a significantly increased volume in
The customer, one of the largest servicers of subprime mortgages in the U.S.,
will use Kofax Capture™, Kofax Transformation Modules™ and Kofax Monitor™ to
capture and perfect information from up to 20 million pages daily. Once
captured, relevant information will be automatically classified and extracted,
and then delivered to the appropriate process, eliminating the errors and
delays associated with manual document separation and input. Processing delays
can be especially costly in the subprime mortgage industry where applications
must be processed within a 60 day period to meet compliance standards and
avoid fines. By optimizing operational processes, the customer can service
more clients and potentially double its volumes in one year.
“Financial services and related organizations that invest in improving the
speed of their document capture and processing capture information 53 percent
faster and spend 83 percent less per document,” said Nathaniel Rowe, research
analyst at Aberdeen Group. “Multiply that over tens of millions of pages daily
and you’ll see the kind of operational savings that can drive major growth
“By removing manual document preparation, Kofax mortgage processing solutions
accelerate critical processes and reduce the time it takes to approve mortgage
applications,” said Howard Dratler, executive vice president of Field
Operations at Kofax. “Mortgage service providers can become more responsive to
the banks they serve and close more business, faster.”
Kofax Capture™ (KC) 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. This can significantly reduce
retrieval costs while improving regulatory and compliance efforts. Kofax
Capture is flexible and scalable, enabling customers to define where and how
images are captured and indexed, whether in a home office, remote branch or
back office data center.
Kofax Transformation Modules™ (KTM) adds document classification, page
separation, data extraction and validation capabilities to Kofax Capture to
drive robust capture-to-process applications. By automating what were
previously labor intensive, error prone and time consuming tasks, Kofax
Transformation Modules can significantly reduce labor costs, improve
information quality and accelerate business processes.
Kofax Monitor™ provides real time monitoring and performance capabilities to
ensure the operational health of the entire Kofax software suite. It monitors
the system’s components, including scanners supporting Kofax VRS, and its
business service viability, providing real time access to operational
information so immediate corrective action is taken.
Kofax^® plc (LSE: KFX) is a leading provider of Capture Enabled BPM™
solutions. These award winning solutions capture and streamline the flow of
business critical information throughout an organization in a more accurate,
timely and cost effective manner, enabling our customers to be more responsive
to their constituents and better grow their businesses. Kofax solutions
provide a rapid return on investment to more than 20,000 customers in banking,
insurance, government, healthcare, business process outsourcing and other
markets. Kofax delivers these solutions 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.
© 2013 Kofax, plc. “Kofax” is a registered trademark and “Capture Enabled
BPM,” “Kofax Capture,” “Kofax Transformation Modules” and “Kofax Monitors” are
trademarks of Kofax, plc.
Colleen Edwards, +1 949-783-1582
Vice President, Corporate Communications
MKR Group, Inc.
Charles Messman or Todd Kehrli
Press spacebar to pause and continue. Press esc to stop.