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Published on: April 2008
Type of content: WHITE PAPER
Format: Adobe Acrobat (.pdf)
Price: FREE

Overview:
BankBoston is the 15th-largest bank holding company in the United States. It serves over 2 million customers at over 650 offices in 50 states. The Bank's major businesses include retail and small business banking, consumer lending, and the private bank. In June 1996 it acquired Boston Bancorp and BayBanks, which increased its assets to over $64 billion and global employment to over 25,000.

BankBoston realized that manually processing the thousands of invoices received by the accounting department had become costly and extremely slow. And the BayBanks merger doubled the accounts payable volume.

The project group selected Kofax Ascent Capture software. The document imaging project team began installing and customizing the accounts payable system in late February and finished by summer. They installed two Ascent Capture scanning stations and four Ascent Capture indexing stations networked to an NT server. Invoices are fed into the system using Bell & Howell scanners, and the documents are stored on Hewlett-Packard optical disks, using Kofax Ascent Storage software (now a SmartStorage product) to manage file storage and retrieval.

Within three months of system implementation, the accounts payable department is handling double the invoice volume with no increase in staff. The team is now working on installing a "find and file" system for BankBoston trust offices in the Bahamas. The implementation goal for this project is just six weeks because the team will be able to apply much of the technology used in their accounts payable application.