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Inter-American Development Bank (IDB), a provider of development financing in Latin America and the Caribbean, has selected the enterprise capture solution from Kofax with an agreement in excess of $200,000.

Kofax Capture accelerates business processes by collecting documents and forms, transforming them into accurate, retrievable information, and delivering it all into your business applications and databases, the company has stated.

To process over three million customer agreements, records, correspondence and other financial documents it receives annually, IDB will implement Kofax Capture and Kofax Transformation Modules. The documents will be scanned and the resulting images automatically separated and classified prior to the critical business information being extracted. Offering greater operational efficiency that will enable the organization to optimize staff resources and accelerate processes, images and information will then be routed to a repository for easy access and downstream business processes.

“Strategic investments in enterprise document capture provide a significant ROI for financial services firms looking to streamline the workload associated with paper intensive processes,” said Alan Kerr, executive vice president of field operations at Kofax. “These solutions can reduce the cost and errors generated by manual tasks, freeing up valuable resources to be used more effectively in other areas that enhance customer service.”

By scanning documents and forms to create digital images, extracting index data for retrieval purposes and delivering the images and associated data to a variety of repositories and applications, Kofax Capture provides industry leading scan-to-archive capabilities. While improving regulatory and compliance efforts, this can significantly reduce retrieval costs.

In November 2009, the company announced that it would provide a telecommunications service provider in the United Arab Emirates, with a document capture and exchange solution to automatically process more than two million customer account documents received annually.  The value of the contract to Kofax is in excess of $400,000. The company’s communication server will enable the company to receive large volumes of customer account documents from field representatives.