IRVINE, Calif .– (COMMERCIAL THREAD) –Kofax®, a leading provider of intelligent automation software to digitally transform end-to-end business processes, and ImageTech Systems, Inc. announces today a loan processing solution provide financial institutions with cognitive capture, software robots and process orchestration capabilities to accelerate loan applications submitted under the Paycheck Protection Program (PPP) of the CARES Act (Coronavirus Aid, Relief, and Economic Security). Available on Kofax SmartHub, this pre-built smart automation solution dramatically reduces the strain on loan processing functions due to higher application volumes for government guaranteed loans and depleted workforce capacity. resulting from the COVID-19 pandemic. Congress is expected to extend funding for the PPP this week.
The loan processing solution combines the capabilities of Kofax Robotic Process Automation (RPA) and Kofax TotalAgility to extract, manage and audit data between the lender and the US Small Business Administration (SBA). Using Kofax RPA with its built-in artificial intelligence capabilities, including natural language processing (NLP), loan request information can be accurately extracted from multiple channels and inputs. With the process orchestration capabilities of Kofax TotalAgility, the entire process can be managed from the initial submission of the request through to the audit and final communication to the customer.
“Kofax and ImageTech Systems recognize that time is of the essence for these businesses. This smart automation solution can help speed loan processing and ensure small businesses get the help they need faster during this crisis, ” says Chris Huff, chief strategy officer at Kofax. “This collaboration demonstrates how quickly processes can be automated using the Kofax Intelligent Automation Platform. ”
With automated loan applications through Kofax’s intelligent automation platform, information from paper, faxes, emails and other digital channels can be processed in a fraction of the time that would otherwise be required. Financial institutions can save 80% or more on processing times while achieving greater productivity, freeing up staff to help clients in other areas, and ensuring business continuity. Additionally, the Loan Operations team has powerful analytics for visibility and insight into the status of all requests. Other use cases include documentation requests, providing disclosures, and electronic signing for all disclosures and government forms. Leveraging intelligent automation provides the scalability and capabilities to quickly respond to loan request requirements and support clients.
“Kofax is the only company to combine these technologies into a single platform that simplifies deployment” says RJ Oommen, CEO of ImageTech Systems. “Combining our expertise with the lending process and the Kofax intelligent automation platform helps financial institutions get funds into the hands of clients as quickly as possible. “
ImageTech Systems has been implementing and building custom automation solutions for banking and financial service organizations for over 25 years. As a long-term Kofax partner, ImageTech Systems has developed solutions on the Kofax intelligent automation platform for many customers in the world.
Benefits of the solution:
Automation of pre-built processes and robots facilitate quick and easy deployment
- Cognitive capture features built into Kofax RPA extract specific PPP scopes from the standard SBA template
Kofax TotalAgility provides back-office loan processing automation with omnichannel customer interaction (via email, mobile, web portal, etc.)
Detailed analyzes provide complete visibility into the treatment
Kofax RPA provides seamless data export to external loan processing platforms, including SBA’s E-Tran loan processing web portal.
Extensible and flexible, and can be customized for each lender
The solution is available on Kofax SmartHub – a marketplace allowing customers to discover and deploy robots, connectors, scripts and pre-built solutions accelerating the time to value.
About ImageTech Systems, Inc.
ImageTech Systems, Inc. is a provider of intelligent process automation (IPA) and enterprise content management (ECM) solutions providing turnkey IPA and ECM solutions, systems integration services, consulting and implementation. ImageTech was founded in 1994 with a focus on automating document-centric business processes, including document management, workflow, document capture and corporate reporting and integration solutions. of corporate content for numerous clients in the banking and financial services, insurance, state and local government sectors. Government, manufacturing, among others. For more information visit imagetechsys.com.
Kofax Software Enables Businesses to Work Like Tomorrow ™ – Today. Kofax’s intelligent automation software platform helps organizations transform information-intensive business processes, reduce manual labor and errors, minimize costs, and improve customer engagement. We combine RPA, cognitive capture, process orchestration, mobility and engagement, and analytics to facilitate implementations and deliver dramatic results that mitigate compliance risks and increase competitiveness, growth and sustainability. profitability. Kofax delivers rapid return on investment to more than 20,000 customers in financial services, insurance, government, healthcare, supply chain, business process outsourcing and other markets. Kofax delivers its award-winning software and solutions through its direct sales and service organization and more than 650 indirect channel partners and integrators in more than 60 countries across the Americas, EMEA and Asia Pacific. For more information visit kofax.com.
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