TEL AVIV, Israel and COLOGNE, Germany, March 23, 2015 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a global innovator of intelligent content processing solutions today announced that a regional German utility has chosen TIS to optimize a variety of its business processes, including automation of accounts payable processes, automated reading of handwritten meter cards and digital processing of new customer contracts and other related incoming documents. All three separate content processing applications will leverage the same eFLOW® platform.
eFLOW INVOICE will automate the processing of 80,000 invoices per year received at different locations and in different formats. The project supports Germany's new electronic invoicing initiative and accommodates invoices in the new standardized German e-invoice format "ZUGFeRD." Further efficiency will be gained as eFLOW INVOICE for SAP delivers processed invoices to the company's existing SAP workflow.
In addition, the utility will deploy eFLOW to reduce the cost to capture and process 80,000 handwritten water, gas and electricity meter reading cards received from customers via the postal service. The utility plans to further leverage the solution to grow business by acting as a shared service center to offer automated meter reading services to other smaller utility suppliers in the region.
The third content process to be automated by eFLOW Digital Mailroom includes the swift processing of inbound customer documentation. Because of the region's transitory population comprised of many foreign students, the utility captures and processes as many as 50,000 new customer contracts each year, including both structured and unstructured documents. Since the utility cannot deliver service to a new customer until the contract containing bank details is verified and approved, rapid contract processing is key to customer satisfaction. Because eFLOW complies with the European Union's Single Euro Payments Area (SEPA) standards and extracts International Bank Account Numbers (IBAN) from any European bank, foreign students need not open a local bank account just to pay the utility; as a result, these contracts can be processed and services delivered much faster.
The energy supplier selected eFLOW for its ability to meet the needs of all three content processing applications after a thorough evaluation of seven different vendors. The utility expects to save on data entry costs, reduce errors in SAP and accelerate contract processing, improving both customer service and supplier relations. Additional expected benefits include shorter processing cycles, higher efficiency and transparency. Looking ahead, the project may be expanded to include TIS mobile applications to capture meter readings or contracts via mobile device for even greater flexibility.
"This three-pronged content processing deal expands our already strong position in the European power and utilities sector, adding to our existing references EnBW, Iberdrola, Nuon, RheinEnergie and Enel," commented Egbert Fischer, General Manager, TIS Central Europe. "TIS is proud to be trusted by these energy suppliers to accelerate critical processes; as we help to increase our customer's productivity, expand their operational capacity and grow their businesses. We plan to leverage our expertise in the Utilities sector to drive global revenue in this market in 2015."
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® 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 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.
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Source:Top Image Systems Ltd.