Kofax Customer Rabobank Innovates RPA Robot to Automate Government Relief on COVID-19 Related Loan Repayments

Built in just five days, the robot saves 50,000 hours of work by automatically updating loan documents with modified loan repayment terms

Irvine, CA – May 19, 2020 – Kofax®, a leading supplier of Intelligent Automation software to digitally transform end-to-end business processes, today announces Netherlands-based Intelligent Automation customer, Rabobank, has just developed a number of innovative Robotic Processing Automation (RPA) robots to streamline COVID-19 related loan modifications. These robots have not only provided much needed financing to Rabobank customers in need, but just one of these has already saved the bank 50,000 hours, and Rabobank expects the total hours saved will be well over 100,000.

“As the Dutch government provides much-needed loan relief to support struggling businesses dealing with significant turnover losses, the job falls on lending institutions like Rabobank to institutionalize the program and modify loan documents accordingly,” says Eugenie Wouterse, Product Owner Robotics at Rabobank Lending. “This presented a massive challenge as ordinarily we would have had to do this manually. But in only five days we were able to build a Kofax RPA robot to automate the process and in only 10 days the robot processed the first activity. We believe this will help our customers by accelerating relief to struggling businesses – while at the same time saving us approximately 50,000 hours of manual work.”

COVID-19 and measures taken to restrict its spread in the Netherlands are significantly impacting businesses and resulting in financial loss. To help address this, the Dutch government has installed measures to help small businesses. Specifically, those who have loans with microcredit providers don’t have to repay their loan for a period of six months. Additionally, during this period, the interest on those loans will be reduced to 2 percent.

Rabobank Lending has hundreds of thousands of these loans; compliance with the new government measures would require modifications to all of those outstanding loan documents – a massive project under any circumstances – and updates had to be completed as quickly as possible to deliver urgently needed loan relief.

Immediately after the announcement from the Dutch government, Rabobank’s Center of Excellence (CoE) for RPA started building a Kofax robot that would automatically update these many thousands of loan documents to reflect the modified payment terms. The CoE completed the build in five business days, and was able to finish processing all loans in a little over two weeks, enabling them to quickly comply with the new government measures and get relief out quickly to customers. The bank estimates it would have taken approximately 50,000 full time employee (FTE) hours of work to make these loan modifications without the Kofax robot.

“This is one of many robots we’ve created since COVID-19. After three years of continuous optimization, refining our approach and working with our partner, Kofax, to expand the features of the tool, the Robotics Centre of Excellence is now able to deliver a steady stream of value in short timescales, and therefore play a crucial role in delivering important services to our clients, even in times of rapid change,” says Steven van Uffelen, Head of the Robotics CoE of Rabobank. “We’re now able to leverage our team of citizen developers and an extensive library of building blocks to deploy optimized and robust robots in one-two weeks in almost any part of the business.”

“We’re all operating in uncharted territory during this pandemic. Kofax isn’t unique in our desire to help our customers as they struggle to maintain operations during the crisis,” says Dave Powell, Senior Vice President of EMEA at Kofax. “But we’re unique in that our Intelligent Automation solutions, like Kofax RPA, have particular value and urgency today. Organizations like Rabobank must act quickly and with agility to face these new challenges, and we’re thrilled our technology is empowering them to do so.”

About Rabobank
Headquartered in The Netherlands, and operating across 39 countries, Rabobank is one of the 30 largest financial institutions in the world, and is a global leader in agribusiness financing and sustainability-oriented banking. A cooperative bank, it maintains a strong focus on customer connections and providing socially responsible financial services. Using the latest digital technologies is a crucial part to realise these goals.

About Kofax
Kofax software enables organizations to Work Like Tomorrow™ – today. Kofax’s Intelligent Automation software platform helps organizations transform information-intensive business processes, reduce manual work and errors, minimize costs, and improve customer engagement. We combine RPA, cognitive capture, process orchestration, mobility and engagement, and analytics to ease implementations and deliver dramatic results that mitigate compliance risk and increase competitiveness, growth and profitability. Kofax provides a rapid return on investment for over 25,000 customers in financial services, insurance, government, healthcare, supply chain, business process outsourcing and other markets. Kofax delivers its award-winning software and solutions through its direct sales and services organization and more than 850 indirect channel partners and integrators in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.

# # #

© 2020 Kofax, Inc. Kofax is a registered trademark of Kofax Limited.

Media Contact:
Amanda Ingalls
Public Relations Director
+1 (949) 783-1595
amanda.ingalls@kofax.com

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ADLV Urges Fleets to Maintain Online Driver Checking as Lockdown Eases

Press Release


The ADLV (the Association for Driver Licence Verification) www.ADLV.co.uk is urging fleets to maintain frequent online checking of driving licences as the UK lockdown eases. With rapidly expanded delivery fleets on one hand and a sudden increase in returning car drivers and volunteers on the other, the number of licence checks required has grown markedly. However, says the Association, it is important that pre-virus standards are maintained to avoid future road safety, compliance and regulatory failures.

Says ADLV Secretary Colin Paterson, “Whilst some of the concessions to drivers and transport regulations – such as the postponing of expired MOTs to later in the year are helpful, the ADLV does emphasise the need to maintain a core level of checking for both compliance and road safety as the lockdown eases. Cutting corners unnecessarily will store up significant problems for the future – particularly should fleets miss critical information about a driver’s status.”

Terry Hiles

Terry Hiles

Terry Hiles, the ADLV’s Deputy Chair added: “Missed licence-checking is one corner to cut too many – as lockdown eases, please make sure your drivers are legally entitled to drive the vehicles in question – whether an enthusiastic volunteer or a more seasoned professional driver. Each regular licence check does highlight a potential safety risk that can be avoided by maintaining the highest standards.”

ADLV members maintain high standards of process, security and reputation and work closely with the DVLA, so we would recommend always considering a member organisation to outsource your licence-checking.

ends

Note To Editors:

About the ADLV (www.adlv.co.uk)
The Association for Driving Licence Verification has been established to promote and encourage best practice within the industry for the initial and continued validation of driver entitlement for responsible employers and road safety.

The association’s remit is:
* to represent the interests of its members to the DVLA on policy, legislative and regulatory matters within a strict code of conduct.
* to act as the conduit in any consultation or similar exercise that is likely to affect Members.
* to represent Member and industry concerns to the Driver Vehicle and Licensing Agency and Department for Transport (“DVLA/DfT”).
* to encourage wider take-up of driving licence checking by organisations and the introduction of regular and appropriate re-checks thereafter.
* to exercise professional supervision over Members through the formulation of agreed minimum standards of good practice for the industry ensuring Members meet and maintain minimum acceptable standards of security in relation to the handling and safeguarding of personal data.

For further information, please contact:
Colin Paterson
ADLV
M +44 (0)1727 896 401
colin.paterson@adlv.co.uk

Or

Leigh Richards
The Right Image
M 07758 372527
leigh.richards@therightimage.co.uk

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Zylpha Appoints Ryan Thomas as Senior .Net Developer for Bundling Software

Press Release


Leading legal software innovator Zylpha (www.zylpha.com) has appointed Ryan Thomas as its Senior .Net developer. Ryan joins from information services company Open GI where he was a senior software developer, working on predominantly insurance client websites. In his new role, he will spearhead the company’s significant investment in .Net technology as it expands its groundbreaking range of legal technology products.

In his new role, Ryan will be working on the company’s electronic document bundling platform. The product has seen unparalleled levels of demand in recent times and the bundling team is looking to drive innovation and product enhancements throughout 2020.

Ryan Thomas

Ryan Thomas

Commenting on his appointment Ryan Thomas said, “Zylpha has a range of excellent, innovative products that deliver significant productivity gains in legal practices and in-house local authority legal services departments. Looking forwards, the development pipeline is even more exciting though and I’m delighted to be a part of this growing success story.”

Nigel Spicer Zylpha’s Development Director welcomes Ryan’s comments adding, “Ryan brings with him an impressive array of .Net development and other technical skills. His appointment is a reflection of the continued growth we are experiencing for the legal systems and services that we supply. Development wise it’s an exciting time for all of us and I look forward to working closely with Ryan on developing innovative solutions.”

Ends

About Zylpha www.zylpha.com
Headquartered in Southampton, Zylpha is an innovative specialist offering tools for the legal profession including:

  • Secure electronic document production and delivery.
  • Court Bundling.
  • Integration with the MOJ Portal and Land Registry Business Gateway.
  • Links to agencies for AML and Identity Verification.

The company, which was founded by Tim Long its CEO, has won widespread acclaim in both the legal and local government sectors for its systems, which transform secure communications for court and case management bundles.

For more information, please contact:
Tim Long
Zylpha Ltd.
T: 01962 658881
t.long@zylpha.com
www.zylpha.com

Or

Leigh Richards
The Right Image
T: 0844 / 561 7586
M:07758372527
leigh.richards@therightimage.co.uk
www.therightimage.co.uk

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UK Fintech Rimilia announces new Chairman of the Board and key leadership appointments to fast-track growth following funding round

LONDON, May 19, 2020 – Rimilia, the leading SaaS-based fintech company, today announced it’s continuing to accelerate its growth with the recent appointment of Rob Luddy as Chairman of the Board, alongside Steven Robertson as Chief Technology Officer (CTO) and Andy Lilley as Chief Product Officer (CPO). These key hires will support Rimilia to continue to accelerate and scale, having secured $15 million in growth funding earlier this year to invest in product innovation and to fuel the company’s global expansion.

As an independent advisor, consultant and board member to a number of software companies, Luddy will support the company as it sets its sights on the next phase of growth. Luddy brings more than 20 years of B2B enterprise software experience to Rimilia. As company employee number five at ServiceNow (NYSE:NOW), he globally lead its sales and marketing organizations from the company’s initial launch, through to its highly successful IPO on the New York Stock Exchange. ServiceNow is today a $4 billion / year enterprise software company, with a market capitalization in excess of $65 billion.

Rob Luddy

Rob Luddy

In addition to the new chairman, Rimilia expands its leadership team adding Steven Robertson as CTO and Andy Lilley as CPO. Robertson joins Rimilia from Thomson Reuters, where he led the technology teams as CTO for HighQ – an intelligent legal collaboration and client engagement platform.

Meanwhile, Lilley joins Rimilia from LexisNexis where he headed up product for enterprise solutions. Before LexisNexis, Lilley directed product at Bottomline Technologies. Their main priorities will be to accelerate and scale Rimilia’s Accounts Receivable (AR) cloud platform. In addition, they will also execute and roadmap delivering new functionality and modules to enable customers to automate the order to cash process.

“The opportunity ahead for Rimilia and its customers is vast, but to seize it, we must focus clearly, move faster and continue to transform. A big part of my job is to accelerate our ability to bring innovative products to our customers, rapidly helping them unlock more cash into their businesses, especially in these uncertain economic times. I’m delighted to welcome Rob, Steven and Andy and add their leadership and experience to the team,” said Kevin Kimber, CEO, Rimilia.

About Rimilia
Rimilia is the first and only AI-powered automation platform built to manage your order-to-cash process in real time. Our Financial Relationship Management (FRM) platform helps finance leaders across the globe make better sales and credit decisions so they can increase revenue, improve customer satisfaction, and reduce risk. Rimilia’s SaaS solutions work with any currency, any bank, any ERP, in any country and language. Rimilia has offices located in Bromsgrove and London in the UK, Boston in the U.S., and Toronto in Canada.

Learn more at https://www.rimilia.com

ENDS

Contact
Octopus Group for Rimilia
Samantha.Curtis@octopusgrp.com
02038373704

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Third of UK fintechs have lost vital funding due to equity management problems

  • Solving equity management could see fintech businesses unlock as much as £2.6bn in missed funding
  • Over £1bn of UK fintech investment could be lost because of COVID-19
  • New report published by Qadre, in partnership with techUK, reveals impact of equity management on UK fintechs

London, UK – May 14, 2020Qadre, a high-growth fintech trusted by leading institutions to deliver certainty with blockchain technology, today announced a new research report in partnership with techUK that reveals a third of UK fintechs have lost vital funding due to equity management problems. The report ‘Making fintech work for fintechs’ is based on a survey of 59 UK fintech founders and exposes the impact of complex equity management processes on business growth as well as the impact of COVID-19 on fundraising.

The UK is one of the world’s most successful fintech markets, notching up $4.9 billion of capital raised in 2019 (Innovate Finance, 2020). This surpasses 2018’s figure of $3.6 billion as the UK moved up to second in the global rankings for VC investment into fintech. Yet despite the UK’s successful fintech scene, fintech founders are struggling with equity management which is limiting growth, holding back innovation, and draining operational resource. COVID-19 is presenting additional challenges to the industry, fintech founders are looking for ways to accelerate processes, reduce costs, and focus on growing their business.

The key takeaways from the report include:

  • Equity management is holding back UK fintech: More than two thirds (67%) of fintech founders believe equity management is a distraction and that time spent on managing cap tables is better spent on more important tasks. 59% report having to delay projects and 32% have lost out on funding due to inefficient equity management. Worryingly, 61% of founders believe that time spent on equity management has impaired their ability to deliver a product or scale their business. The net effect is that equity management challenges could be costing the UK fintech industry as much as £2.6bn in missed funding.
  • Founders are relying on Excel to manage high-value deals: 73% of fintech founders are using Microsoft Excel or Google Sheets for cap table management, with nearly a third (31%) finding this process very painful or painful. 64% of founders think that a digital platform to build and manage cap tables would make lives easier and save time. Fintech founders are burdened by outdated methods of managing equity and in desperate need of technology and guidance that can save them time and money.
  • Over £1bn of fintech investment could be lost because of COVID-19: 68% of fintech founders have reported missing out on important funding because of the COVID-19 crisis. The average amount lost by fintech businesses to date is approximately £1.2m. As the UK is home to over 1,600 fintech companies, it means an estimated £1.9bn of investment has been lost across the industry because of the crisis. With a huge economic toll on the sector expected, fintech founders want to simplify equity management processes to help them better manage their business.

“The UK has one of the world’s most successful fintech markets, but company founders are facing unprecedented economic headwinds with COVID-19 at the eye of the storm,” said Nick Williamson, CEO of Qadre. “At this time of uncertainty, equity management processes are preventing fintechs from raising money, delivering new services, and growing their business. Equity management isn’t just inconvenient, it is damaging UK fintech. It has never been more important for fintechs to streamline unnecessary tasks and focus on developing products and services that can help them ride out this storm.”

“At the heart of the fintech industry is the promise of innovation to create financial services that eliminate complexity, provide an intuitive user experience, and create value for consumers and businesses alike. This report highlights that there is space to replicate this in equity management,” said Julian David, CEO of techUK. “Fintech organisations must address the need to better support the startup community to improve efficiency and generate company growth. The dearth of solutions that address equity management is often overlooked. This study reveals the impact it can have on wider company success.”

Making fintech work for fintechs’ a report by Qadre, in partnership with techUK, can be found here: https://www.qad.re/making-fintech-work-for-fintechs/

– ENDS –

Research Methodology
This survey was conducted by FinTech Connect, an independent research partner. A total of 59 UK fintech founders were surveyed between the 25th March 2020 and 3rd April 2020.

About Qadre
Qadre is a high-growth fintech trusted by leading institutions to deliver certainty and modernise financial markets with blockchain technology.

The company’s modular platform, Huski, monitors, records, and reconciles any transfer of value and ownership with greater efficiency, reduced risk, and at lower cost than traditional methods. It offers a range of pioneering applications across equity management, market infrastructure, payments, and fund distribution designed to remove friction, improve security, and enhance the user experience for both the business and its customers.

The Qadre team is behind the earliest and most innovative blockchain projects to date in the fintech sector. Huski is the first blockchain technology to be approved by the UK government’s digital marketplace.

Qadre is a member of techUK and Innovate Finance.

For additional information on Qadre, please visit https://www.qad.re/

About techUK
techUK is a membership organisation that brings together people, companies and organisations to realise the positive outcomes of what digital technology can achieve. We collaborate across business, government and stakeholders to fulfil the potential of technology to deliver a stronger society and more sustainable future. By providing expertise and insight, we support our members, partners and stakeholders as they prepare the UK for what comes next in a constantly changing world.

https://www.techuk.org/

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