Kofax unveils new e-Invoice processing solution

October 28, 2008  |  Uncategorized

Kofax e-Transactions Enables the Best of Both Worlds to Manage Paper and Electronic Invoices

Kofax plc (LSE: KFX), the leading provider of Intelligent Capture & Exchange solutions, today announced the launch of Kofax e-Transactions, which adds electronic invoice processing capabilities to Kofax solutions and thereby enables organizations to process all incoming invoices – whether they arrive in electronic or paper form. Easy-to-use and deploy, e-Transactions integrates seamlessly with Kofax Capture and Transformation Modules to offer the world’s most advanced solutions to automate invoice processing in accounts payable departments.

Providing a simple and efficient way to reduce time-consuming and costly manual paper-processing, Kofax e-Transactions captures and encrypts print files or imported data in standard text, image and extensible markup language (XML) file formats. The resulting electronic information is then collected and delivered to Kofax Transformation Modules for classification, data extraction and data perfection.

The software eliminates the need to print, mail, receive and process paper-based invoices and other documents, thereby significantly reducing otherwise manual labor processes and costs, improving the accuracy of the related data and accelerating processing times. This enables better accounts payable management to ensure that all application terms, conditions and discounts are fully utilized.

“The global market for electronic invoicing continues to expand as organizations seek to improve efficiency and lower costs, and Kofax continues to lead the way with the most comprehensive capture solutions to meet this demand,” said Andrew Pery, Chief Marketing Officer at Kofax. “Kofax e-Transactions delivers practical solutions that meet the needs of our customers to support the processing of both paper and electronic invoices. This is done within the same powerful document capture environment that delivers process-ready data to a wide range of back-end accounts payable workflow systems.”

Kofax e-Transactions is already being successfully deployed at several early adopters. One example is Oakwood Worldwide, a leading global corporate housing and serviced apartment provider, which has integrated the new technology as part of its existing Kofax invoice processing solution.

“Kofax e-Transactions takes our existing Kofax solution and makes it even better,” said Brad Niemiec, Director, Centralized Accounts Payable for Oakwood Worldwide. Since 2007, the company has employed Kofax Capture and Transformation Modules to automate the processing of thousands paper based invoices each month.

“This solution allows us to integrate strategic suppliers directly into our accounts payable process, which helps us realize additional savings from lower transaction costs, reduced exception handling due to lost invoices and data entry errors, and other benefits,” Niemiec added.

Kofax e-Transactions utilizes software technology obtained earlier this month as a result of Kofax’s acquisition of OptiInvoice, a Scandinavian company that develops and markets electronic invoice processing software.

For more information about Kofax, visit www.kofax.com

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