Top Image, Xerox to provide invoice processing for Czech bank

Top Image did not name the bank but said that it is a member of a global organization with a presence across Europe, the Americas and Asia-Pacific.

Document recognition system developer Top Image Systems Ltd. (Nasdaq: TISA; TASE:TISA) has partnered with Xerox Czech Republic to provide invoice processing solutions to a large bank in the Czech Republic.

Top Image did not name the bank but said that it is a member of a global organization with a presence across Europe, the Americas and Asia-Pacific.

The bank was looking to automate and outsource its existing manual system for processing invoices. The partnership of Xerox and Top Image Systems solution, which uses TIS’s eFLOW Unified Content Platform was chosen from several vendors that were considered.

Ramat Gan-based Top Image will provide Xerox with the eFLOW Invoice Reader and will also provide consulting services for the implementation of fully outsourced invoice processing. The companies expect that more than 100,000 invoices per year will be processed.

Top Image executive VP Omri Gelb said, “We have worked successfully with Xerox for many years in France, and are pleased to expand our relationship with this new project in the Czech Republic."

Top Image shares closed yesterday at $1.24, giving a market cap of $11.66 million.

Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018