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Kofax Provides Progressive Insurance with an Accounts Payable Workflow Solution
15 January 2010:
IRVINE, Calif., January 15, 2010 – Kofax plc (LSE: KFX), the leading provider of document driven business process automation solutions, today announced that Progressive Casualty Insurance Corporation, one of the largest automobile insurers in the United States, will implement MarkView for Accounts Payable software to automate the processing of approximately 150,000 non-claims based invoices it receives annually at its shared services center. The value of the contract to Kofax is approximately $500,000.
MarkView for Accounts Payable automates financial processes to ensure the consistent, efficient, cost effective and timely processing of invoices from receipt through payment. Invoices are captured in Progressive’s ERP system the day they arrive from suppliers, thereby accelerating approval and payment cycles and improving cash management as each invoice is closely managed from receipt through payment and automated business rules are applied to make appropriate tradeoffs between payment timing, potential discounts and late payment penalties. A single repository for all invoices and the associated back up and processing history increases the company’s financial controls.
“Organizations are accelerating investments to automate document based, labor intensive business processes such as accounts payable functions to reduce costs, strengthen controls, better manage cash and improve profitability,” said Alan Kerr, Executive Vice President of Field Operations at Kofax. “Kofax can provide a complete accounts payable solution for capturing and processing invoices arising via paper, fax and electronic sources that result in direct labor savings, better visibility into the business and in improved customer service levels.”
About Kofax
Kofax plc (LSE: KFX) is the leading provider of document driven business process automation solutions. For more than 20 years, Kofax has provided award winning solutions that streamline the flow of information throughout an organization by managing the capture, transformation and exchange of business critical information arising in paper, fax and electronic formats in a more accurate, timely and cost effective manner. These solutions provide a rapid return on investment to thousands of customers in financial services, government, business process outsourcing, healthcare, supply chain and other markets. Kofax delivers these solutions through its own sales and service organizations, and a global network of more than 1000 authorized partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit www.kofax.com.
“Kofax” is a registered trademark in the US, the EU and other countries. All other trademarks and registered trademarks belong to their respective owners.
Source: Kofax
