Kofax has launched a new platform to automate accounts payable and other financial processes in a new release of the MarkView Financial Suite.

Release 6.5 is the first release following the acquisition of 170 Systems by Kofax during September 2009 and fully integrates Kofax’s capture software to create a complete end-to-end financial process automation solution.

This enables the automated receipt and capture of paper and electronic documents, extraction and perfection of the data and workflows for routing transactions through exception handling and approvals on one unified platform.

“Release 6.5 is designed to help customers realise lower costs by providing a single, consistent end-to-end process for handling all paper and electronic invoices,” said Jim Nicol, Executive Vice President of Products at Kofax.

“This new release reflects our commitment to best leverage assets from the 170 Systems acquisition to deliver a financial process automation platform that is simple to deploy and use while reducing a customer’s total cost of ownership.”

MarkView 6.5 features full integration of Kofax capture software that streamlines the transformation of business documents into structured electronic information. This includes the business rules, knowledgebases and learn-by-example technologies for invoice recognition, classification and extraction that results in improved data quality, reduced processing costs and fewer exceptions. For example, invoices without a corresponding purchase order can be automatically routed for approval without the need for manual, time consuming processes.

The integration of Kofax e-Transactions provides a single platform for the processing of both paper and electronic invoices. This means that all relevant invoice data can be captured during the invoice print process, extracted, encrypted and then delivered to MarkView approval workflows for automated validation and approval.

Release 6.5 supports both Oracle and SAP. The release has also passed certification for SAP ArchiveLink integrated with SAP NetWeaver 7.00.

The new release also adds support for Windows 7 and Internet Explorer 8.