By GlobeNewswire, October 08, 2013, 09:41:00 AM EDT
TEL AVIV, Israel and NEW YORK, Oct. 8, 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 today that the Company has signed a non-exclusive contract with Fiserv (Nasdaq:FISV), a leading global provider of information management and electronic commerce systems for the financial services industry. Fiserv has selected Top Image Systems to provide a mobile imaging platform for a range of applications. The reliable, high-performance platform can integrate smoothly with a broad range of Fiserv solutions deployed today at billers and financial institutions across the U.S.
Initially, Fiserv intends to use the mobile imaging technology within Snap-to-Pay™, an add-on functionality for select Fiserv mobile banking and payments solutions that enables end-consumers to pay bills quickly and easily with a snap of their smartphone camera. Essential bill information, such as the company to be paid and the amount due, is captured by taking a picture of a paper bill, and is then used to automatically populate the appropriate fields on the smartphone screen, streamlining the mobile bill payment process for consumers.
The launch of Snap-to-Pay is significant as Fiserv currently supports the largest electronic bill payment network in the U.S., facilitating bill payments through thousands of billers and financial institutions for millions of end consumers. Fiserv may use the image capture technology licensed from TIS for a range of additional applications beyond Snap-to-Pay, including tasks such as mobile account or product enrollment and mobile document capture for items such as receipts or loan documents.
Fiserv chose Top Image Systems because of its innovative mobile imaging technologies, as well as the flexibility, scalability, and ease with which Fiserv can integrate to the TIS mobile platform and the TIS flagship eFLOW® platform, which powers the image processing capabilities. The combination of financial services and payment expertise from Fiserv with the intelligent content capture, workflow and delivery solutions from TIS can provide billers and financial institutions with a best-in-class solution for mobile image capture.
Ginger Schmeltzer, Senior Vice President, Emerging Payments, Fiserv, comments, "Fiserv is committed to offering its customers a robust, dependable mobile imaging platform and applications that will ensure optimal quality, operational efficiency and a positive user experience. We are confident that this agreement with TIS will continue to position us to meet growing consumer, biller and financial institution demand for these services."
"Already in 2011, Top Image Systems announced its strategy to grow business in the mobile imaging sector," explained Isaac Rome, Vice President, Global Banking and Mobile for Top Image Systems. "To realize this strategy, the Company has invested significant resources in development of its innovative mobile image processing solution suite." Added Omri Gelb, General Manager North America and EVP, Top Image Systems, "We are confident that this agreement with Fiserv, which incontrovertibly demonstrates the value of our mobile software platform, will enable us to execute on our U.S.-based mobile solution marketing and sales strategy and rapidly increase our market share in the U.S."
Fiserv, Inc. (Nasdaq:FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS' flagship eFLOW platform and diverse business process and mobile image processing solutions are 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: Company Contact:
Director of Corporate Marketing and Investor Relations
+972 3 767 9114
Regional Vice President, Hayden IRjames@haydenir.com
+ 1 646 755 7412
Source: Top Image Systems Ltd.