Remittance Processing via Mobile Device Streamlines and Accelerates Payment Processing
Tel Aviv, Israel – March 12, 2014 -- Top Image Systems, Ltd. (NASDAQ:TISA), a leading ECM (Enterprise Content Management) and BPM (Business Process Management) solution and MIP (Mobile Imaging Platform) provider announces the launch of MobiREMIT, a new mobile application for automated remittance processing and payment via mobile device leveraging the Top Image Systems’ Mobile Imaging Platform.
Remittance processing companies today can only begin to process payment requests upon receipt of physical remittance documents at a processing center. MobiREMIT shortens this processing cycle and makes funds available faster. The first step is mobile capture of both payments and remittance advices in one digital envelope, which reaches the processing center in real time; then the check image can be transferred for immediate deposit. Automatic recognition and processing of semi-structured remittance advices reduces the time, investment, and errors associated with manual data entry of such paper forms. Companies using MobiREMIT will improve efficiency, increase accuracy, accelerate receipt of funds and improve cash flow.
MobiREMIT is the latest addition to the Top Image Systems’ mobile imaging solution portfolio, along with MobiCHECK, MobiPAY, MobiFLOW and a growing list of mobile applications that leverage mobile devices to optimize various use cases involving image processing. TIS has combined deep technological knowledge in the area of ECM, parsing and content processing with knowledge of a wide variety of smart mobile devices to develop its MIP (Mobile Imaging Platform). Today TIS markets its mobile platform and in parallel develops image processing applications in response to customer demand. TIS offers both stand-alone mobile applications that can be activated or embedded in other mobile products, as well as mobile image processing as part of the company’s flagship eFLOW® multichannel capture and workflow solution.
“We have already seen the market show strong interest in MobiREMIT,” commented Isaac Rome, VP Global Banking and Mobile, Top Image Systems. “The benefits gained by using a mobile device to close payment loops faster by speeding remittance advice processing and accelerating payment accordingly is an area companies are interested to streamline. The mobile workforce today wants to be able to process payments in the field at the time of delivery to eliminate processing delays on accounts receivables and improve cash flow. Our ability to accurately process payment methods, such as check or credit card payments, together with mobile recognition of remittance advices on a mobile device provides great added value. We expect MobiREMIT, alongside MobiPAY, to rapidly gain market share and strengthen our brand recognition in the mobile image processing market in the US, a step that will also positively impact sales of our full mobile imaging portfolio.”