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Kofax and Visa Remove Friction in B2B Payments

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- Nov 4, 2014 – SINGAPORE--(BUSINESS WIRE)-- Kofax® Limited (NASDAQ: KFX)(LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announced that Visa has deployed enhanced data and invoice management capabilities in the Asia Pacific region utilizing Kofax TotalAgility®. The solution will help businesses better overcome the challenges that they face today in accounts payable and receivables management processes that typically stem from a lack of process automation.

Kofax TotalAgility, Kofax Kapow™ and Kofax Altosoft Insight™ analytics products interact with Visa's B2B transaction information to deliver specific outcomes for business process and corporate cash flow management. These include:

  • Automatically capturing details such as dates, product and service descriptions and amounts to enable a three-way match of purchase orders, invoices and payment instructions, thereby eliminating time-consuming manual intervention to achieve both efficient reconciliations and payments.
  • Providing and analyzing accurate and timely data to enable greater visibility into expenditures, collections and cash flow management.
  • Delivering data in flexible formats that enable organizations to seamlessly integrate that information into their existing Enterprise Resource Planning (ERP) systems.
"The starting point in developing a frictionless solution for businesses was the recognition of the challenges that organizations face today in accounts payable and receivables processes," said Olivia Leong, Head of Commercial and Prepaid Payment Solutions, Visa Asia Pacific. "The basic premise for both Visa and Kofax was that business is never ‘as usual.' For this reason, we focused on ways to reduce the typical friction that exists between these processes. The Kofax platform supports Visa's mission to continuously evolve our payment services to ensure relevance amidst the constantly changing demands in the business, financial and regulatory environment and to continue to be the best way to pay and be paid."

Visa's investment in the Kofax solution and focus on payable and receivable process automation to achieve quality transactional data is perfectly timed as the Asia Pacific region is witnessing a revival of corporate spending in analytics platforms. Gartner has projected that this expenditure could reach US$1.6 billion by 20171.

"Kofax's solution supports Visa in delivering better payment data to businesses and governments that its issuing partners serve today," commented Howard Dratler, Executive Vice President of Field Operations at Kofax. "Visa selected the Kofax platform based on four very important criteria -- flexibility, accuracy, timeliness and efficiency -- in managing transactional information. In doing so, we are able to help Visa address key challenges that plague businesses when managing payable and receivable processes."

Kofax TotalAgility is the first unified smart process application development and deployment platform that includes multichannel capture, business process and case management, data integration, advanced analytics and mobility in a single platform. TotalAgility provides an essential link between an organization's systems of engagement and systems of record to help increase responsiveness to customers, improve service levels and gain competitive advantage in order to better manage and grow businesses while greatly reducing operating costs.

The Kofax Kapow integration and automation platform is the fastest way to acquire, enhance, and deliver information to enterprise applications. Information that was previously unattainable, unusable, or costly to integrate becomes readily consumable to drive productivity and add insight into the decision-making process.

Kofax Altosoft Insight features rapid, no-coding development, near real-time reporting, dashboard, visualization and ETL (extract, transform, load) capabilities for both data and process analytics.

About Kofax

Kofax is a leading provider of smart process applications for the business critical First Mile of customer interactions. These begin with an organization's systems of engagement, which generate real time, information intensive communications from customers, and provide an essential connection to their systems of record, which are typically large scale, rigid enterprise applications and repositories not easily adapted to more contemporary technology. Success in the First Mile can dramatically improve an organization's customer experience and greatly reduce operating costs, thus driving increased competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in financial services, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these through its own sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visitkofax.com.

© 2014 Kofax Limited. Kofax and TotalAgility are registered trademarks and First Mile, Kofax Kapow and Kofax Altosoft Insight are trademarks of Kofax Limited.

Source: Kofax

Media Contact:
Kofax Limited
Laura Brandlin
Director, Communications
+1-949-783-1545
laura.brandlin@kofax.com
or
APAC Public Relations
Angela Boey, mobile: +65.9748.5598
angela.boey@thewritesource.biz
or
Investor Contacts:
MKR Group Inc.
Todd Kehrli, +1-323-468-2300
kfx@mkr-group.com
or
FTI Consulting
Chris Lane, +44 (0) 20 3727 1000
kofax@fticonsulting.com



Source: Kofax Limited

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