TEL AVIV, Israel and COLOGNE, Germany, July 6, 2015 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, announced today that the Company was selected to deploy an automated multichannel and mobile data capture project for an extremely innovative online financing company that provides funds to entrepreneurs and small businesses across India, with future plans to expand their activities worldwide. The total multi-year value of the project was set at some quarter of a million dollars.
Dedicated to helping entrepreneurs and small businesses attain working capital, this customer uses analytics and big data to evaluate the credit risk profile as a part of its advanced, proprietary loan application process. Entirely online, the process is typically completed within fifteen minutes and requires minimum documentation. For example, e-commerce vendors need only submit minimal information such as bank statements, VAT returns, etc. The company claims to disburse approved loan funds at fair interest rates in just 3 days.
The customer's online loan portal employs MobiFLOW for mobile photo capture and recognition of bank statements, identity cards and related data. This will include the capture of identity cards such as PAN (permanent account number) cards - the unique, 10-character alpha-numeric identifier codes that are issued to all judicial entities and are an important proof of identification in India. MobiFLOW will also capture passports, drivers' licenses, election and voter IDs and Aadhaar cards (12 digit individual identification numbers issued by the Unique Identification Authority of India as proof of identity and address).
The metadata and documents captured and recognized by MobiFLOW will be integrated into an eFLOW implementation that collects diverse supporting commercial documents, e.g. balance sheets, business plans, and other documents mandatory for the loan application process. The customer will then rely on eFLOW to consolidate and process the data collected from mobile devices and web portals together with data collected by eFLOW clients and deliver it to the customer's proprietary analytics engine, which will then use that information to rapidly approve or reject the loan requests.
"We believe that this exciting and innovative project is a great example of how creative companies are using technology to drive digital business - accelerating and optimizing business processes to offer its customers more efficient service and an improved customer experience," remarked Michael Schrader, CEO, Top Image Systems. "These advantages will enable the customer to expand its business globally and rapidly grow profits."
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.
Top Image Systems 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.
CONTACT: TIS Company Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations firstname.lastname@example.org +972 3 767 9114 TIS Investors: James Carbonara Regional Vice President Hayden IR email@example.com + 1 646 755 7412
Source:Top Image Systems Ltd.