Press Release
VICOR, Inc. Continues Performance Leadership and Extends
Market Reach with Next Generation Data Entry Automation
Contact: Mike Dignen
VICOR, Inc.
610-524-5950 or mdignen@vicor.com
RICHMOND, CA, March 21, 2005 – Building on the
company’s performance leadership with next generation
data entry automation solutions, VICOR, Inc. today announced
that the company’s Robot Keying, Forms Processing
and Remitter Lookup applications saved VICOR customers
nearly 1.5 billion keystrokes in 2004, representing
a 53 percent increase from 2003. VICOR expects the modules
to save its clients over 2 billion keystrokes in 2005.
No other receivables solution provider comes close to
matching these data entry automation levels.
These results demonstrate the strength of VICOR’s
automated data entry modules and further expand the
company’s reach into new markets as well as traditional
receivables processing and management accounts. From
simplifying the operational needs of specialized functions
– such as government or Healthcare applications
– to delivering high performance for transaction
processing environments, VICOR is setting the standard
in the industry for data entry automation.
“Our customers are making a difference in the
marketplace in part by the ability of Robot Keying to
lower their costs and improve their quality, allowing
them to do more data entry with fewer people, less space,
and fewer errors,” said Bob Kirk, president of
VICOR. “While many vendors claim to have a solution
for the automation of data entry from forms, only VICOR
has a product that is delivering substantial value to
our customers.”
An add-on module to VICOR’s flagship RIDS (Receivables
Information Delivery System) platform or as a stand
alone product that overlays existing legacy systems,
Robot Keying 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’s
Forms Processing component automates forms-based transactions
by employing advanced forms definition and analyses
functions with integrated transfer functions of form
landmarks and data-location coordinates to the RIDS
Robot Keying component. The VICOR Remitter Lookup module
eliminates the manual re-entry of repeat remitter names.
VICOR is recognized for its industry-leading vision
and ability to execute in the financial services industry,
and is aggressively moving its technology into other
markets. “VICOR regards data entry automation
as a key technology that will help financial service
companies, government agencies and other users reduce
operation costs while speeding the flow of information
from the back-office, through the enterprise and to
key constituencies, ultimately providing customers with
better productivity and service,” stated Mike
Dignen, senior vice president, national account management,
for VICOR. “VICOR is uniquely qualified to help
customers take advantage of this emerging technology
because of our depth and breadth of experience, flexible
platform, and expertise in mission-critical applications.”
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 23 sites,
RIDS processed over 180 million transactions in 2004,
representing more than $1.1 trillion. VICOR is headquartered
in Richmond, CA, and is privately held. For more information,
contact 510-621-2000 or visit www.vicor.com.
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