Kofax today announced it has been selected to provide a Kofax solution for mortgage processing to a leading U.S. financial services firm. The value of the contract to Kofax exceeds $1.2 million.
The customer, one of the nation’s largest providers of banking, mortgage and insurance products and services, will implement an industry specific solution comprised of
- Kofax Capture,
- Kofax Transformation Modules,
- Kofax e-Transactions,
- Kofax Front Office Server
- Kofax VirtualReScan (VRS) Elite
to automate the processing of approximately 30 million mortgage documents it receives annually.
Kofax Capture provides industry leading scan-to-archive capabilities by scanning documents and forms to create digital images, extracting index data for retrieval purposes and delivering the images and associated data to a variety of repositories and applications. This can significantly reduce retrieval costs while improving regulatory and compliance efforts. Kofax Capture is flexible and scalable, enabling customers to define where and how images are captured and indexed, whether in a home office, remote branch or back office data center.
Kofax Transformation Modules (KTM) adds document and form classification, page separation, challenging data extraction and validation capabilities to Kofax Capture to drive robust capture-to-process applications. By automating what were previously labor intensive, error prone and time consuming tasks, Kofax Transformation Modules can significantly reduce labor costs, improve information quality and accelerate business processes.
Kofax e-Transactions (KeT) eliminates the need for the printing, mailing, scanning and entry of information from documents and forms by enabling the electronic delivery and capture of documents from a sender to a receiver via secure email. Designed for enterprises wanting to migrate from paper to electronic based processes, it can reduce labor costs, improve information quality and accelerate business processes without the cost and complexity of an electronic data interchange (EDI).
Kofax Front Office Server extends existing Kofax Capture business processes to customer facing employees seeking to initiate transactions, workflows and capture processes at the earliest point of contact to leverage existing resources in remote or branch offices. This office automation solution reduces process latency and eliminates the time and cost of shipping documents to centralized processing centers.
Kofax VirtualReScan (VRS) Elite is Kofax’s patented image enhancement and perfection software. Kofax VRS Elite reduces the time involved in manual document preparation and enhances the quality of scanned images, dramatically improving both manual scanning productivity and the efficiency of document capture processes. High quality images are critical as they can significantly impact the success of downstream data extraction and retrieval needs.
The solution will allow the firm to capture approximately 95 disparate document types received from external sources and 350 types generated by its proprietary loan origination system at each of its distributed branch offices. Once the information has been captured, it will be consolidated and delivered directly into the bank’s enterprise applications and repositories, including an IBM FileNet installation. Implementing the Kofax solution will reduce costs, improve customer service, and enhance regulatory compliance for the firm’s core processes.
“Kofax’s solution for mortgage processing helps a financial services company to transition from costly paper based processes to a digital environment,” said Alan Kerr, Executive Vice President of Field Operations at Kofax. “This improves customer service and reduces costs across the enterprise. In addition, the Kofax solution facilitates better decision making by increasing the likelihood that higher quality loan applications are approved as quickly as possible.”