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SQN Banking Systems and Top Image Systems Announce Strategic Partnership Targeting Banking and Financial Institutions
RANCOCAS, NJ, and SINGAPORE, September 7, 2011 – SQN Banking Systems (sqnbankingsystems.com), a leading provider of integrated fraud detection and process improvement products for the financial industry, and Top Image Systems™ (TIS™), Ltd. (Nasdaq: TISA), the leading ECM (Enterprise Content Management) solutions provider, today announced a new strategic partnership. Under the agreement, SQN's fraud detection solutions will be incorporated into TIS' eFLOW™ Banking Platform in the Asia Pacific market.
eFLOW automates document-driven business processes on a single enterprise platform, capturing, classifying and validating business-critical data from multiple incoming document formats. Its integrated and modular architecture is flexible and responsive to an enterprise's changing needs.
Enhancing eFLOW by integrating SQN's superior fraud detection technology – which includes signature verification, image fraud analysis, transaction fraud analysis, safe deposit management, and document management – will provide a powerful, unified solution for the Asia Pacific banking community. Initial joint sales and marketing activities including customer visits have reaped great interest from various financial institutions and there are plans to further intensify these joint activities to address this market demand.
"The collaboration between TIS and SQN Banking Systems in the increasingly important Asia-Pacific region is a positive initiative that enhances the TIS' Banking Platform, offering valuable joint functionality that will surpass our competition and serve our customers across the financial sector," remarked Alex Toh, Managing Director, TIS(Asia Pacific) Pte Ltd. "This partnership is another proof point that demonstrates TIS's commitment to its long-term growth strategy by means of fortifying and promoting our banking solutions as well as by means of expanding our cooperation with world-class software vendors to leverage on our combined technological and market forces."
"Clearly, successfully competing in the Asian market is important for any company's long-term future," said Joe Uhland, President of SQN Banking Systems. "We are particularly pleased that we have the opportunity to introduce our proven, world-class fraud detection capabilities to this new market through such a respected and trusted player."
About Top Image Systems
Top Image Systems™ (TIS™) is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization. TIS's eFLOW Platform is a common platform for the company's solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website http://www.TopImageSystems.com for more information.
About SQN Banking System
Located in Rancocas, New Jersey, SQN Banking Systems sets the standard for fraud detection and process improvement software in the financial services industry. For nearly 30 years, financial institutions of all sizes have relied on SQN because its suite of SENTRY products delivers improved earnings for customers and can reduce check fraud losses by as much as 84 percent. SENTRY includes exception item processing, image fraud detection, automated signature comparison, signature verification and display, transaction analysis and safe deposit operations management. For complete details on SQN and its line of SENTRY products, visit sqnbankingsystems.com.
Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.