Enhanced Accounts Payable and Multichannel Services Leveraging TIS eFLOW® Platform Contribute to Parseq’s UK Market Leadership
Tel Aviv, Israel / Plano, Texas and Rotherham, UK – August 2017 – Top Image Systems Ltd., (NASDAQ: TISA), a global innovator of intelligent content processing solutions, and Parseq, one of the leading business process outsource service providers in the UK, announce today that in 2017 the two companies have signed a new seven-figure contract for the next four years for eFLOW® platform licenses across Parseq service offerings. In addition to Financial Process Automation (FPA) and payment processing, Parseq will also extend its offering of eFLOW services to its clientele to the areas of mail management. This extension follows a decade of mutually beneficial cooperation providing enhanced, SaaS-based accounts payable and multichannel services leveraging the eFLOW platform to leading companies across the UK.
Offering highly regulated, multichannel business services, Parseq provides customer contact, mail fulfilment, document management, finance & accounting, and data hosting services. Processing £15 billion electronic payments, digitizing 25 million customer correspondence documents, and handling over 70 million calls every year, Parseq delivers business intelligence and ROI far greater than its customers could achieve in-house. By enabling its customers to outsource aspects of their business, Parseq helps organizations to refocus their skilled staff on their core business. Parseq’s client base includes the UK’s top ten banks as well as leaders in the utilities, insurance, telecom and governmental sectors. Parseq also provides invoice processing services across a wide cross-section of markets and customer types.
For its accounts payable services, Parseq selected eFLOW as its core building block. Parseq leverages eFLOW’s expert multichannel invoice data capture, OCR technologies, and optimized user interface for exception handling, as well as eFLOW’s ability to validate invoices against client-specific rules. After five years of successful supplier–client relations, Parseq and TIS upgraded their relationship to a partnership model. The Parseq development team underwent advanced internal TIS eFLOW invoice training, which enabled Parseq to offer its customers even more highly customized products. Having upgraded the electronic funds transfer platform driving its service to the majority of the Tier One UK banks, Parseq, with the assistance of TIS, collaboratively designed and built a system that processed some 15 billion British pounds by 2015.
“In a market in which customers are increasingly demanding best practice delivery that is tailored to their requirements, the flexibility of TIS’ eFLOW platform is increasingly advantageous,” commented Craig Naylor-Smith, Managing Director – Finance & Administration, Parseq. “Combining our services architecture with eFLOW allows us to balance rigor and flexibility to maximize reusability while adapting to specific client needs. Our partnership with Top Image Systems gives us a competitive advantage to satisfy our customers’ dynamic needs.”
“Business process outsourcing has become a highly differentiated sector in which the most successful companies are those that are able to provide tailored services that meet their clients’ changing requirements in innovative and effective ways,” commented Barry Richards, Alliances Director, EMEA for Top Image Systems.
“We are extremely pleased by the continued expansion of our partnership with Parseq, who by leveraging our accounts payable solutions have been able to stay abreast of market trends, retain customers and win new business. Marking a decade of successful cooperation, we foresee healthy growth of our joint technology sales in the outsourcing sector, in particular of SaaS – based solutions in the area of accounts payable and financial process automation,” said Brendan Reidy, CEO of Top Image Systems.
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 www.topimagesystems.com for more information.