29-January-2003: Captiva Software Corporation, a leading provider of
enterprise input management solutions, today announced that WÃ¼stenrot
Bausparkasse, the mortgage subsidiary of WÃ¼stenrot & WÃ¼rttembergische AG,
one of Germany's largest banking and financial groups, has selected to
capture and process the 1.3 million mortgage applications, forms and
documents it receives every year with FormWare, Captiva's award-winning
information capture software that automates data and image capture from
paper and electronic documents.
The contract expands the relationship between Captiva and WÃ¼stenrot, which
since July of 2000 has captured digital images of its mortgage documents
with InputAccel, Captiva's flagship document capture software solution. By
integrating FormWare and InputAccel, WÃ¼stenrot will be able to capture and
automatically extract the data contained in mortgage applications directly
into its mortgage processing system. The combined document and information
capture system is expected to go into production next month.
"Having been so successful with InputAccel over the past two years, we look
forward to gaining the additional benefits of adding FormWare to our
workflow," said Michael Stams, Project Manager for WÃ¼stenrot Bausparkasse.
"FormWare's flexibility, open architecture and ease of deployment were key
drivers in our decision to integrate it with InputAccel, which has provided
superior performance and an impressive return on our investment."
Stams added that WÃ¼stenrot Bausparkasse's 2001 merger with Leonberger
Bausparkasse created the need to combine and modernize two disparate
mortgage processing systems. FormWare's optical character recognition (OCR)
capabilities are expected to greatly accelerate the processing of
handwritten and machine-printed mortgage documents, and cut application
turnaround times by roughly one third.
"We're pleased to be expanding our relationship with WÃ¼stenrot
Bausparkasse," said Mark Lewis, Captiva's Vice President of European
Operations. "The integrated strengths of InputAccel and FormWare should
maximize the accuracy of WÃ¼stenrot's mortgage data, speed the capture
process, increase productivity and significantly reduce the cost of manual