Press Releases
VICOR’s Robot Keying Module Establishes Industry-Leading Data
Entry Automation in Demanding Receivables Management Environments
Contact: Mike Dignen
VICOR, Inc.
610-524-5950 or mdignen@vicor.com
RICHMOND, CA, April 5, 2004 – VICOR, Inc., the leading provider
of image-based lockbox and receivables management solutions, today announced
that its Robot Keying application saved VICOR customers nearly one billion
keystrokes in 2003, representing a 56 percent increase from 2002. No other
receivables management solutions provider comes close to matching these
data automation levels.
Robot Keying is an add-on module to VICOR’s flagship platform,
RIDS (Receivables Information Delivery System), and uses multiple advanced
recognition technologies to read machine-printed and handwritten characters
on checks, invoices, and other payment-related documents before converting
them into digital data. VICOR projects its clients will save nearly 1.5
billion keystrokes in 2004.
The superior document analyses and data processing capabilities of RIDS
allow an operation to automatically enter data from a variety of remittance
and supplemental document types, including: columnar style invoices, multi-line
layout or dynamic forms such as health services insurance carriers’
EOB’s (Explanation of Benefits), and static-layout forms often found
with coupon-sized documents without a scan line. This new level of automation
saves significant time, money and labor – and avoids potential errors
and posting delays associated with manually keying this data.
Using sophisticated intelligent character recognition (ICR) technologies,
the system creates a complete character recognition map and builds a hierarchy
of connected components that make up each document. Once a document has
been analyzed, Robot Keying automatically enters the required data by
lockbox. Low confidence entries are displayed to an operator for manual
review and entry in snippet form, and are highlighted and magnified for
easy correction or validation.
“VICOR’s mission is to empower customers with advanced technologies
that align their operations with their customers business needs for more
transaction information content,” said VICOR President Bob Kirk.
“With rising demand for complex data capture and delivery, our users
are challenged to increase the information content of transactions while
containing their labor costs. Our Robot Keying module delivers the automation
processors need to meet these market demands, and provide superior quality
output – all while reducing labor operating expense.”
About VICOR, Inc.
VICOR is a leading provider of image-enabled receivables processing
and management solutions. The company’s flagship product, RIDS (Receivables
Information Delivery System), is the first payment processing and cash
management platform to offer full color images and intra-day delivery
of receivables information via the Internet and other publishing options.
Currently installed in 22 sites, RIDS processed over 100 million transactions
in 2003, representing more than $1.2 trillion. VICOR is headquartered
in Richmond, CA, and is privately held. For more information, call 510-621-2000
or visit www.vicor.com. VICOR will be exhibiting at TAWPI 2004 in Chicago.
|
