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Ephesoft Releases New Version of Transact; Touts Time-to-Value of Cloud-based Document Processing Solution
Wednesday, August 5, 2020

Delivers new way to quickly, efficiently and accurately capture and process high volumes of data, including more than 1,000 global IDs, in the cloud

IRVINE, Calif., July 28, 2020 /PRNewswire-PRWeb/ -- Ephesoft, Inc., a leader in intelligent data capture and enrichment solutions, today announced the release of Ephesoft Transact 2020.1.02 with enhancements to meet the growing global demand for nimble, cloud-based solutions to quickly and accurately capture and process high volumes of documents across hundreds of industries. Enhanced features include cloud hosting on Amazon Web Services (AWS) for secure deployment in as little as 24 hours; handprint extraction, checkbox and signature detection for cloud and on-premises processing; and, the addition of Ephesoft Transact QuickScreen to seamlessly read and extract data from over 1,000 different types of global IDs.

Used by hundreds of enterprises worldwide, Ephesoft Transact is a modern capture productivity platform that leverages machine learning and cloud-based web services to empower human and digital workers in a wide range of document-intensive industries. Short implementation and enhanced features enable organizations of all sizes to improve their bottom line.

"Market research indicates that the COVID-19 pandemic has led to a growing demand for cloud computing and software services. We see this with our customers who are looking for ways to automate their enterprise, starting with their data. Banks, insurance companies, healthcare and government agencies around the globe seek modern, scalable solutions that drive productivity, starting with document classification and extraction digital transformation initiatives," said Ike Kavas, founder and CEO, Ephesoft. "Customers are looking for ways to easily and quickly unlock their data and put it to immediate use - with the ability to implement successful outcomes in as quickly as days to hours. We're at a pivotal point in time where technology can push you ahead of your competition and help organizations navigate through uncertain times."

Transact Cloud
A March 2020 "COVID-19 Impact on IT Spending" (1) survey by IDC finds cloud computing, workforce performance management and cloud software are the three tech investments IT decision-makers believe are most likely to benefit from increased demand. This is not surprising as organizations with an expanded remote workforce seek the flexibility and cost savings offered by cloud and hybrid solutions like Ephesoft Transact to quickly, remotely and securely leverage their data for business continuity.

Hosted in the Amazon Web Services cloud, Ephesoft Transact Cloud provides secure, scalable, intelligent content acquisition capabilities for organizations to automate their document processing without the added burden and expense of server management. Transact Cloud customers can go live in hours or days versus the months often required for on-premises deployment. Other benefits of the latest version of Transact Cloud include data import functionality from AWS S3 buckets; server performance monitoring; lower cost of ownership and capital expenditure; and accelerated feature deployment for continuous product updates.

Transact QuickScreen Extracts Data from More Than 1,000 Types of Global IDs
The coronavirus pandemic has spurred an uptick in mobile employee onboarding and off-boarding, contactless loan applications and processing, and expanded COVID-19 screenings. This has led to an increased need for technology to quickly and securely scan and process identification documents and forms such as government-issued IDs.

Now available in the cloud, on-premises or as a hybrid solution, Transact QuickScreen offers out-of-the-box capabilities to read more than 1,000 types of IDs, such as driver's licenses, passports, visas, healthcare cards, international documents, tax forms and patient paperwork from 195 countries. A customer can capture an ID, form or document on any device such as a mobile phone or scanner, and upload it for automatic processing. The Transact platform classifies, extracts, validates and delivers the data into the customer's line of business systems such as RPA, ECM, EHR, CRM and ERP.

Customers across any high-volume, document-intensive use case will benefit from using Transact QuickScreen, whether in healthcare, government, human resources, banks or finance organizations. For example, healthcare organizations can securely capture patient IDs and test kit barcodes to reduce wait times for COVID-19 tests. HR departments can reduce the time and cost of onboarding and offboarding employees by automatically processing forms, such as I-9, W-4, P60 and employee IDs. Likewise, banks and mortgage companies can efficiently qualify loans by eliminating the manual data entry of credit card statements, bank statements, IDs and paystubs.

Native ICR and OMR Extraction
Research has shown a growing demand for expanded handprint recognition and identity verification solutions across many industries, including enterprise, financial, government and healthcare. Native Intelligent Character Recognition (ICR) and Optical Mark Recognition (OMR) extraction is now available for on-premises, hybrid and cloud solutions, integrating directly into the Ephesoft Transact user interface alongside its traditional key-value extraction rules for OCR extraction. This offers a quick and easy way for users to define an index field extraction rule to extract handprint values from a document, or to detect signature or checkbox filled areas. In some use cases, it took less than half the time to configure compared to traditional methods.

In the Ephesoft Transact platform, handprint data extraction rules are easily configured in most cases, with no templates or zonal page mapping required. In several customer scenarios, the solution's embedded ICR engine reduced professional service hours by converting handwritten data to machine-readable text and outputting textual data for review and validation by a human after the labor-intensive processing is complete. Similarly, Transact Cloud easily interprets checkbox data without the need for template or fixed form projects where the characters representing the value are typed or filled in from a digital application. And, if forms contain signature fields, the system can identify those areas and determine whether or not the document has been signed.

Ephesoft Transact will be competitively priced with new pricing bundles rolling out Q3 2020. A free 10-day trial of Ephesoft Transact Cloud is available by contacting sales at info@ephesoft.com. For more information about Ephesoft Transact, including the latest Ephesoft Transact version 2020.01.02 enhancements, visit https://ephesoft.com/products/transact/.

About Ephesoft
Ephesoft is the leader in Context Driven Productivity solutions, helping organizations maximize productivity and fuel their journey towards the autonomous enterprise through contextual content acquisition, process enrichment and amplifying the value of enterprise data. The Ephesoft Semantik Platform turns flat data into context-rich information to fuel data scientists, business users and customers with meaningful data to automate and amplify their business processes. Thousands of customers worldwide employ Ephesoft's platform to accelerate nearly any process and drive high value from their content. Ephesoft is headquartered in Irvine, Calif., with regional offices throughout the US, EMEA and Asia Pacific. To learn more, visit ephesoft.com.

(1) IDC, "Leaning on Digital Transformation Investments to Meet the Challenges of the COVID-19 Pandemic," Doc# US46201920, April 7, 2020.

SOURCE Ephesoft



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