TEL AVIV, Israel and COLOGNE, Germany, Nov. 26, 2012 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, announced a six-figure win at Raiffeisen Banking Group Styria, an association of 84 independent Raiffeisen banks and the Raiffeisen-Landesbank Steiermark AG operating 319 branches in the Styria region of Southern Austria. The group includes Raiffeisen Bank International AG (RBI) which operates a network of subsidiary banks and financial service providers in 17 markets across Central and Eastern Europe, employing some 61,300 employees and servicing some 14.6 million customers. Raiffeisen Bank selected TIS' eFLOW® first to automate its invoices and then also to replace a microfiche archive with an eFLOW solution.
Initially, Raiffeisen sought to optimize their invoice processing by reducing invoice cycle time while ensuring transparency, compliance with regulations and full integration with SAP. eFLOW successfully configured the bank's complex invoicing workflow, accommodating their more than 50 competency centers, improving relationships with the bank's suppliers and empowering their Finance & Accounting executives with better access, reporting and control of invoice data.
Satisfied with eFLOW, Raiffeisen invited TIS to propose a solution to replace their outdated, expensive microfiche system storing tens of thousands of microfiches, each holding 100 transaction documents. The old system's operation involved a cooled physical storage center and 8 personnel, while each customer request for information from a fiche required 1 to 3 days for response. With TIS' banking process expertise, an eFLOW solution was devised to capture key data - account numbers, amounts, etc. from the fiches, enabling open access, 3 second searches per record and automatic seamless delivery of the data to the bank's archiving system. Going forward, the bank has dispensed with microfiches and is capturing the account data directly into the eFLOW platform. Future plans include expansion of a mailroom solution to all incoming documents, as well as to leverage the eFLOW platform's scalability to cover additional functionalities and locations across the banking group.
"Once again, thanks to the process expertise and ingenuity of our professionals, a leading European financial institution such as Raiffeisen has chosen TIS to overcome tough challenges," said Michael Schrader, Managing Director, TIS EMEA. "Another reason Raiffeisen selected TIS is because of our strong references with key Austrian enterprises such as Generali and the Austrian Post. We are confident that our relationship with Raiffeisen will expand and open even more doors for TIS in the banking industry, where eFLOW's best-in-class recognition rates and superior workflow enable banks to achieve the high percentages of straight-through-processing for which they aim."
About Raiffeisen Banking Group Styria
The Raiffeisen Banking Group Styria, the biggest banking group in southern Austria, comprises 84 independent Raiffeisen banks and the Raiffeisen-Landesbank Steiermark AG, showing a consolidated balance sheet total of EUR 25 bn. The Raiffeisen Banking Group Styria together with Raiffeisenzentralbank (RZB) belongs to the Raiffeisen Group Austria. Raiffeisen Bank International (RBI) handles RZB's investments in Central and Eastern Europe (CEE).
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. 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 content across enterprise applications. TIS' eFLOW Platform is a common platform for the company's solutions which is 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.
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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.
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Source:Top Image Systems Ltd.