Kofax Provides Leading Brazilian Financial & Banking Association ABBC With a Distributed Capture Solution for SICREDI Bank

System Will Capture and Extract Data and Images from More Than 20 Million Checks and Related Documents Received Annually

IRVINE, Calif.--(BUSINESS WIRE)--Kofax plc (LSE:KFX), the leading provider of document driven business process automation solutions, today announced it will provide Associacao Brasileira de Bancos (ABBC), a leading Brazilian financial and banking association, with a distributed capture solution for SICREDI Bank, Brazil’s largest credit union. The value of the contract to Kofax is approximately $500,000.

“Our solutions convert labor intensive, paper based processes into automated systems that increase productivity, generate a fast ROI and enable customers to focus their resources on better serving customers.”

ABBC will implement Kofax software to capture and extract data from more than 20 million checks and related multi page financial documents received annually at over 300 SICREDI branch locations and export the resulting data and images into ABBC, SICREDI, and Brazil Central Bank repositories. The system provides a check truncation solution that significantly reduces the time and costly manual labor needed for paper based processing. As a result, SICREDI will reduce operating costs, accelerate business processes and improve data quality, leading to better cash management and customer service as well as improved compliance with banking and regulatory requirements.

“Banks and other financial services companies with high volume, document centric tasks such as check processing are looking for solutions to improve efficiency and drive down business costs,” said Alan Kerr, Executive Vice President of Field Operations at Kofax. “Our solutions convert labor intensive, paper based processes into automated systems that increase productivity, generate a fast ROI and enable customers to focus their resources on better serving customers.”

About Kofax

Kofax plc (LSE:KFX) is the leading provider of document driven business process automation solutions. For more than 20 years, Kofax has provided award winning solutions that streamline the flow of information throughout an organization by managing the capture, transformation and exchange of business critical information arising in paper, fax and electronic formats in a more accurate, timely and cost effective manner. These solutions provide a rapid return on investment to thousands of customers in financial services, government, business process outsourcing, healthcare, supply chain and other markets. Kofax delivers these solutions through its own sales and service organizations, and a global network of more than 1000 authorized partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit www.kofax.com.

“Kofax” is a registered trademark in the US, the EU and other countries. All other trademarks and registered trademarks belong to their respective owners.