SINGAPORE and TEL AVIV, Israel, Dec. 16, 2014 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA),a leading cloud and on premise ECM (Enterprise Content Management) and BPM (Business Process Management) solution and MIP (Mobile Imaging Platform) provider, signed earlier this year a million dollar project to deploy eFLOW®5 at the Hong Kong subsidiary of one of the five largest international commercial banks in China. The bank, whose commercial assets and deposits rank it as one of the largest in Hong Kong, employs over 13,900 staff and earned $5.2B USD in 2013. A follow-up six-figure deal signed this quarter kicks off the deployment of this strategic project which will use eFLOW to process 44 million forms in 2015, expanding to 300 million forms per annum by 2019.
TIS' eFLOW platform was selected due to its flexibility, scalability, and superior data recognition after the bank carried out a thorough evaluation to replace its old system. The bank needed a robust system with the capability not only to handle a high volume of documents, but also required system compliance with its strict data security policies and integration with its complex IT infrastructure.
In the first phase of the project, eFLOW will be used to capture various customer information from forms scanned using web-based scanning functionality in 300+ branches throughout Hong Kong. With this process, decentralized capture occurs at each point of origin which substantially reduces processing time and enables the bank to provide quick responsiveness to customers.
eFLOW will manage the end-to-end process by automatically recognizing, extracting and validating data in the forms, handwritten in Chinese or English, and then send the forms for approval, all within eFLOW. When a form is approved, eFLOW then updates the core banking systems and automatically delivers an alert to the customer by post or mobile text message.
In the past, introducing new forms was time-consuming; with eFLOW's user-friendly GUI and ability to define new fields, the bank can launch new forms much faster – a key advantage. In addition, the customer will leverage enhanced eFLOW5 banking process performance monitoring to improve Service Level Agreement achievement.
"TIS is very proud that eFLOW has been selected for this challenging banking process automation project, and we are excited to have this opportunity to improve productivity for the bank and responsiveness to its customers," commented Alex Toh, TIS Asia Pacific & Japan Managing Director. "Bank management, as well as each branch, will have more control and better process transparency over its customers' data, enabling customers to check status at any time. The bank has high growth targets, and we are confident that eFLOW will enable our new customer to efficiently serve its growing commercial client base while providing even higher customer service."
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.
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.