Kofax®, a leading provider of software to simplify and transform the First Mile™ of business, and TR Process, a Kofax authorised partner in Latin America, announced that Kofax TotalAgility® has been deployed at Caruana Financeira, an innovative financial services company in Brazil, to automate a “hybrid” debit /credit card application, approval and delivery process.
The “hybrid” card can be used as a prepaid debit card for mass transit, utility and other payment purposes and as credit card for purchases of goods and services. Individuals can apply for the card at Caruana Financeira branches located in mass transit terminals in Brazil.
Kofax worked with TR Process to digitally transform the entire account opening and new customer on boarding process in only six months. The solution allows individuals to manually enter data into an electronic application form using tablet computers with touchscreens, and Caruana Financeira employees to take pictures of or scan identification documents used to initiate the credit review and approval process. The solution then automates the extraction and validation of data, verifies the authenticity of the identification documents and is integrated with a credit scoring engine that approves or denies the issuance, embossing and delivery of a new “hybrid” card.
The time to issue the “hybrid” cards was cut from three weeks to under 10 minutes realising 80 percent cost savings and enabling immediate card delivery and usage, which results in faster and greater transaction fee revenue for Caruana Financeira.
Kofax TotalAgility automates and manages 80 percent of the entire application, approval and delivery process.