TEL AVIV, Israel and NEW YORK, Aug. 19, 2014 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) and BPM (Business Process Management) solutions and MIP (Mobile Imaging Platform) provider, today announced a long-term transaction-based deal with Allied Payment Network to implement MobiPAY, TIS' self-service mobile bill payment application, within PicturePay®, Allied's mobile photo bill pay solution. Over time, TIS will work with Allied, its customers and partners to enhance their user experience and continue to automate the bill payment workflow with our advanced MobiFLOW platform for end-to-end processing of bills and related documents.
Allied offers online and mobile bill payment services to financial institutions including banks and credit unions of any size, as well as directly to consumers. PicturePay integrates with multiple optical character recognition (OCR) engines, and TIS' proven recognition and image capture technology via MobiPAY will significantly improve the automated entry of payments in Allied's system.
"We are enthusiastic about cooperating with a market leader such as Allied to enhance the user experience of their PicturePay mobile payment product that allows a user to Point, Shoot and Pay their bills," commented Avi Mileguir, EVP and GM, TIS Americas. "Allied is committed to boosting mobile bill pay adoption by delivering a simple, reliable bill pay service that enhances the relationship between financial institutions and their customers in a cost-effective way; this partnership signifies a strong win-win for TIS and Allied."
"Allied is dedicated to providing the most innovative and technologically advanced mobile bill pay solutions to our customers. By employing MobiPAY, we will continue to improve our service quality, data recognition rates and scalability, and will be better placed to provide end-to-end bill pay solutions including faster response times and additional in-transaction services," explains Ralph Marcuccilli, president and CEO, Allied. "Ultimately, our objective is to partner with leading technology providers such as TIS in order to grow the mobile bill pay market and generate revenue streams for our customers."
About Allied Payment Network
Allied Payment Network is an industry-leading provider of emerging bill pay technologies to the financial services and retail industries. With its award-winning solution, PicturePay®, Allied pioneered the first mobile photo bill pay application for smartphones and has brought the same level of innovation to its full suite of online and mobile bill pay channels including solutions for Internet bill pay, small business payments, over-the-counter payments and online loan payments, among others. Allied's goal is to make the bill paying process easier and more convenient for consumers, and more efficient and cost effective for the financial institutions who serve them. For more information, visit www.AlliedPayment.com.
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS' flagship eFLOW platform and diverse business process and mobile image processing solutions are 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.
Top Image Systems 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.