Slough, England – Travelex, the world's largest foreign exchange specialist, has installed a handwriting recognition system from financial systems specialist, BancTec Limited, to process the 1.5 million handwritten sales sheets it receives a year. The new system, located at the company's Peterborough headquarters, will save Travelex over £400,000 in the first year alone.
The BancTec system uses ICR (Intelligent Character Recognition) to process the 18% of sales sheets that are hand written by Travelex' overseas agents. Previously a team of 35 people was needed to complete the task, sorting and manually keying the details into the sales ledger. The sales sheets are DL-sized forms with customer details and a list of traveller's cheques along with their serial numbers.
"The new system has proven to be hugely efficient, freeing staff to work on more productive tasks," commented Simon Richardson, Commercial Operations Manager at Travelex. "We have also dramatically reduced reject rates and improved the accuracy of our sales ledger."
The BancTec system has a data accuracy of 99.9 percent, says Travelex. This increases customer satisfaction with the service and reduces risk. The software will reject sales sheets that are ambiguous, for "repair" by an administrator.
As part of the implementation, BancTec has provided Travelex with a digital archive of all sales sheets, reducing the cost of storing the originals. A full disaster recovery system has also been set up, located in Coventry.
According to James Silcock, Business Development Director at BancTec, the Travelex system is an ideal application for ICR technology. "ICR has come a long way and can now offer levels of accuracy not previously believed possible. It can cope with complex tasks and documents that otherwise require costly, manual input."
Travelex is the world's largest foreign exchange specialist, with over 650 retail branches and 16,000 business customers. There are retail branches at key airport, seaport and rail locations, in addition to tourist and business centres around the world. Around 40% of the world's airline passengers, over 1.3 billion people, pass through airports at which the business operates including the major gateways at London, New York, Hong Kong, Frankfurt and Sydney. Travelex is the world's largest non-bank provider of commercial foreign exchange services, providing integrated solutions for businesses. The Group is also one of the world's leading providers of outsourced travel money to banks, travel agencies and other financial institutions and the world's oldest issuers of Travellers Cheques. For more information please see: www.travelex.co.uk.
Founded in 1972, BancTec is a worldwide systems integration, business process outsourcing (BPO), software and services company delivering high-volume, mission-critical solutions to automate and streamline data and paper-intensive business processes. BancTec has deployed transaction solutions in over 50 countries, counts among its customers some of the most prominent companies in the world. As a leading worldwide vendor, at least 50 million documents or items are captured and processed by BancTec systems every day across the world. BancTec’s product suite combines unique flexibility, scalability, and connectivity to provide unprecedented levels of automation in the capture, processing, and distribution of both electronic and paper documents of all kinds.
BancTec complements its product suite with a line of proven hardware solutions, backed by dependable service and support. More at: www.banctec.co.uk
For further information please contact:
0118 984 3386
0175 377 8701
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