|By Business Wire||
|February 5, 2013 04:00 AM EST||
Kofax plc (LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today reported it has been issued patent number 8,345,981 by the US Patent and Trademark Office. The patent covers technology that determines the validity of data extracted from documents by reverse matching the extracted data with information contained in an organization’s systems of record, such as an ERP system, and corrects erroneous or suspicious extracted data, thus ensuring its accuracy. This is accomplished in a fully automated manner, which reduces manual, labor intensive work and speeds processing. The technology was invented to address the error-prone and process delaying challenges facing organizations with large volumes of business transaction documents, including purchase orders, invoices and receiving information.
“Transactional documents are mainly designed for human readability. They are received in both paper and electronic formats and the layout and language within the documents differ vastly between parties, which makes the reverse matching capability extremely beneficial for ensuring accuracy and processing speed,” stated Anthony Macciola, chief technology officer at Kofax. “The technology embodied in this patent exemplifies Kofax's commitment to continually innovate and develop smart solutions that drive business value to customers.”
The technology encompassed within this patent is currently being used within Kofax Transformation ModulesTM for its ability to locate and match line items within invoices used in accounts payable automation solutions. Potential future applications of the patented technology could include, for example, explanation of benefits (EOBs) forms.
Kofax has 18 issued US patents and 13 issued foreign patents relating to digital image quality, data capture capabilities, and business process technologies. It also has 37 patent applications pending worldwide.
Kofax plc (LSE: KFX) is a leading provider of innovative smart capture and process automation software and solutions 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 a fluid bridge 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 banking, 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, visit kofax.com.
© 2013 Kofax, plc. “Kofax” is a registered trademark, and “First Mile” and "Kofax Transformation Modules” are trademarks of Kofax, plc.
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