TEL AVIV, Israel and VERONA, Italy, April 26, 2016 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, announced today that the Company signed two significant banking process automation deals in Italy whose initial value together reach over $700,000. In one deal the Company signed a partnership with a leading Italian financial services provider serving more than 100 banks; together the partners have contracted to deliver their first joint project - a mobile bill pay solution to a top Italian retail bank. In parallel, one of Italy’s top five banks, operating over 1,500 branches and employing over 17,000, has contracted TIS and another local partner to implement a Digital Mailroom mortgage processing solution.
A focused campaign to introduce TIS’ mobile image processing platform and applications to the Italian banking sector, which is a key target market for the Company, has resulted in a strong pipeline of opportunities, including this first mobiPAY project win.
In another sales initiative, Top Image Systems joined forces with another new partner; the two were together shortlisted in a tender for a mortgage processing mailroom implementation executed by one of Italy’s top five banking groups. The bank selected TIS and its partner to deploy eFLOW Digital Mailroom to optimize the bank’s mortgage processing operations by capturing, recognizing and categorizing over 600 types of complex mortgage documents. The automated process will enable the bank to reduce mortgage processing cycle times and costs while increasing transparency and responsiveness to the bank’s customers.
“Digital transformation has become an unstoppable force driving banks across Europe and the globe to leverage new technologies and offer innovative services to their increasingly demanding clientele,” commented Barry Richards, Managing Director, Top Image Systems. “As the mobile hype dies down, financial service providers recognize that their banking customers require high-quality, reliable, secure and scalable software solutions. Mobile apps need to not only offer innovative mobile and online capabilities that delight savvy customers, but must also be able to smoothly integrate with existing mobile and back office banking systems to give banks positive ROI and usability. Thanks to the combination of our deep experience in banking process automation and flexible and innovative mobile capture platform, financial service providers are increasingly choosing to partner with Top Image Systems in order to win new projects in the banking and financial automation sectors.”
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.