TEL AVIV, Israel, SINGAPORE and RANCOCAS, N.J., Jan. 20, 2015 (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, together with SQN Banking Systems, a leading provider of integrated fraud detection and process improvement products for the financial industry, today announced the successful deployment of a comprehensive joint signature verification project to curtail financial crime at the Asian-Pacific regional center in Singapore of one of the world's leading global banks, active in the region for over 60 years across 12 countries and territories.
The project will assist the bank to reduce the volume of financial crime by significantly increasing the accuracy and efficiency of the bank's fraud analysis efforts. The eFLOW® Automatic Signature Verification (ASV) solution has been deployed to carry out an automated digital comparison of signatures on check images against known good profile signatures in a volume of some 4 million checks per year. Bank checks and preauthorized drafts are scanned across the APAC region, at the start in Singapore and India, and collected for centralized processing.
The bank selected SQN and TIS for the solution's high speed and proven accuracy, which substantially increases the power of the bank's fraud detection initiatives. Unlike manual fraud analysis of only a sample selection of checks, eFLOW ASV electronically examines every check that the bank processes. Configured in accordance with the bank's signature mandates, eFLOW ASV verifies the appearance of two signatures on checks over specified amounts and also reads CAR, LAR and other check data.
"We are proud that eFLOW plays a key role in this important project, which we believe will help prevent financial crime in the APAC region. Detecting instances of fraud as early as possible in the process will dramatically improve the bank's customer service by enabling them to immediately advise customers of errors or potential fraud instances," comments Alex Toh, Managing Director for Asia Pacific & Japan.
"Our solutions enable the bank's professional fraud analysts to be more effective, freeing the analysts from looking at large check samples to focus all their efforts on checks that have been detected to be problematic," explains Stan Jaslar, CTO, SQN Banking Systems. "Following a successful project for the bank in the U.S., SQN is proud to work with the bank in the Asia-Pacific. We are confident that the joint expertise and market experience of TIS and SQN together will ensure the success of the current project and bring us many more opportunities for partnership in the region and across the globe."
About SQN
SQN Banking Systems delivers innovative check fraud solutions that make large, mid-tier and community banks more competitive and more profitable. Browse our site to learn more about how SQN can assist your bank in detecting fraud with workflow, image fraud analysis, signature verification, transaction fraud analysis, official check verification, safe deposit management and conversion services.
About Top Image Systems
Top Image Systems (TIS) 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.
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 Europe and 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.