TEL AVIV, Israel and PLANO, Texas, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (NASDAQ:TISA), a global provider of solutions that facilitate digital business, today announced that the total volume of remittance documents processed by its eFLOW Remit receivables platform has surpassed 50 billion.
eFLOW Remit is used by four of the top five U.S. banks and three of the largest third-party lockbox providers in the United States to process receivables data and images on behalf of more than 10,000 corporations, government entities and non-profit organizations, and 30,000 end users.
Managing more than $360 billion worth of receivables transactions each year in a highly scalable, secure and cost-effective environment, eFLOW Remit delivers fast, reliable and secure online access to data and images for consumer-to-business and business-to-business receivables applications. eFLOW Remit enables organizations to accelerate receivables posting, simplify exceptions resolution, enhance customer service, and strengthen compliance, control and reporting. Banks and third-party lockbox providers benefit from lower operational costs, stronger client relationships, new fee-generating revenue streams, and a better position for the emerging digital commerce environment.
eFLOW Remit stores data and images in redundant, geographically distributed data centers with a Tier 4 rating. The centers have a fault-tolerant infrastructure, redundant communications, and 99.995 percent availability as well as compliance with various regulatory, advisory, and private entities, including PCI, BSA, FFIEC and HIPAA.
“Receivables are the lifeblood of any business. But antiquated approaches to managing receivables data and images do not provide the ready access to all the information that decision-makers need to efficiently and cost-effectively post, control, and analyze cash. eFLOW Remit uniquely addresses these challenges by moving the management of receivables data and images to a secure cloud,” commented Top Image Systems CEO Brendan Reidy. “The cost-effectiveness, scalability and security of eFLOW Remit have made the platform the most trusted solution of its kind among the largest U.S. banks and providers of third-party lockbox services, and continue to drive the platform’s volume growth.”
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a global innovator of on-premise and cloud-based applications that optimize content-driven business processes such as procure to pay operations, remittance processing, integrated receivables, customer response management and more. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications, transforming information entering an organization into useful and accessible electronic data, delivering it directly and efficiently to the relevant business system or person for action with as little manual handling as possible. TIS’ 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 https://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.
Contacts:
TIS Company Contact:
Camille Womack, Director of Corporate Marketing
Camille.womack@topimagesystems.com (214) 256-4600
TIS Investors Contact:
James Carbonara, Regional Vice President, Hayden IR
james@haydenir.com + 1 646 755 7412