TEL AVIV, Israel, Nov. 29, 2011 (GLOBE NEWSWIRE) -- Top Image Systems™, Ltd. (TIS™) (Nasdaq:TISA), a leading ECM (Enterprise Content Management) solutions provider, today announced that the Asian-Pacific arm of one of the largest retail banks in the US selected SmartStream's TLM Reconciliations-Premium solution incorporating the eFLOW Banking Platform in order to expand the services they offer to their customers in the region.
Seeking to increase their loyalty, the bank decided to offer its corporate customers an invoice matching and reconciliation service to let these companies collect payments more efficiently. Leveraging a matching engine that automatically examines electronic invoices and remittance notices and compares them to actual payments transferred, the solution isolates and resolves discrepancies, letting the bank's customers focus more resources on their core business.
Although the majority of the remittances and invoices are expected to be in electronic format for collection through an automated data stream, SmartStream has partnered with Top Image Systems to enhance the TLM Reconciliations-Premium solution by employing the eFLOW platform to manage the input of any invoices and remittances arriving by post, e-mail or fax. eFLOW provides the most accurate and rapid enterprise capture technology streamlining all routes of input through one standard process.
"Top Image Systems understands remittance and invoice processing requirements, while SmartStream has the core reconciliation expertise and a solution that can efficiently match electronic invoices and related payments. With the combined strengths of our two organizations we can deliver significant efficiencies across the entire process, encompassing both electronic and paper-based communications. I believe the value we have demonstrated to this first client will lead to more joint opportunities," remarked Mark Taylor, Strategic Accounts Director – Asia Pacific, SmartStream.
According to Isaac Rome, VP Tech, Banking Solutions at Top Image Systems, "Top Image Systems is happy to partner with SmartStream, a leading provider of reconciliation and matching process solutions for banks. We appreciate this opportunity to both enrich the eFLOW Banking Platform by packaging our content capture expertise into an innovative horizontal solution that meets the needs of a variety of banks as well as other enterprise customers in the Asia-Pacific region and outside it, as well as the opportunity to expand our services to this important banking customer."
About Top Image Systems
Top Image Systems(TM) (TIS(TM)) 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 the content to applications that drive the organization. TIS's eFLOW Platform is a common platform for the company's solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website 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.