Large Consumer Bank Signs Six-Figure Deal with Top Image Systems for MobiCHECK
(GlobeNewswire Via Acquire Media NewsEdge) TEL AVIV, Oct. 7, 2013 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA) a leading ECM (Enterprise Content Management) and BPM (Business Process Management) and mobile image processing solutions provider, announced that the Company has signed a six-figure contract with a major Israeli bank for the MobiCHECK Mobile Remote Deposit Capture solution. Top Image Systems' technology will enable the bank's customers to deposit checks using the camera on their mobile device. MobiCHECK ensures the capture of high-quality check images, validates both images and data on the handset and integrates smoothly with the mobile banking platform of choice. Deploying MobiCHECK, the bank gains both efficient, economical check processing as well as higher customer satisfaction and retention. In the current deal the bank selected Top Image Systems for its global banking experience, proven technological capability and the maturity and readiness of its packaged mobile solution.
Top Image Systems has enhanced mobile remote deposit capture by significantly improving user experience with its Automatic Perfect Mobile Image (APMI) technology. MobiCHECK guides the user to hover over the check, enabling the mobile camera to recognize when the check image is valid and then automatically take the picture. MobiCHECK supports Android and IOS operating systems and is easily integrated with existing bank front and back office systems. Industry analysts have indicated that remote deposit capture is a catalyst for increased consumer uptake of mobile banking and recommend that when selecting a mobile remote deposit capture application, banks should consider software that is easily integrated into existing mobile banking platforms and which can expand to enable other mobile imaging solutions easily such as bill payment, account opening, etc.
Commented Isaac Rome, VP Global Banking and Mobile for Top Image Systems, "We are very enthusiastic about this project, which we are confident will encourage consumers and grow the overall Israeli mobile banking market. Regarding this particular customer, because MobiCHECK was market-ready, we were able to meet their specifications with our packaged solution, so the entire integration and testing process were completed in a very short timeframe. Moreover, the bank is aware that by working with MobiCHECK, they can easily add additional mobile imaging products by using the MobiFLOW platform which provides the underlying technology for MobiCHECK. Although mobile check truncation is only planned to be introduced in Israel at the end of 2014, our mobile solutions are already fully truncation-ready and will require no adjustments once the legislation passes. We look forward to a long and productive relationship with this banking customer and trust that MobiCHECK will give them a major boost to their mobile banking program."
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver content across enterprise applications. TIS' eFLOW Platform is a common platform for the company's solutions which is 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.
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.
CONTACT: TIS Company Contact:
Director of Corporate Marketing and Investor
+972 3 767 9114
Regional Vice President, Hayden IR
+ 1 646 755 7412
Source: Top Image Systems Ltd.
2013 GlobeNewswire, Inc.
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