FOR IMMEDIATE RELEASE:
New Software-as-a-Service Solution Improves Efficiency
Fairfield, NJ (June 11, 2007) - Archive Systems, Inc., the premier provider of on-demand document management services, today announced an agreement with WestLB AG, New York Branch, a European commercial bank, to provide ASPEN 360 Virtual File Room (VFR) for document processing.
ASPEN 360 VFR is a subscription–based document management service that will enable WestLB to capture, store, retrieve, manage and share documents online. It will be utilized in various branch-wide areas including the accounts payable department, credit department and other back office operations.
"At WestLB, we are continually looking for ways to improve our internal processes and document automation and retention requirements. Implementing an on-demand imaging and retrieval solution with Archive Systems will help us increase efficiency, reduce operating costs and free resources for higher value tasks," stated Michael Dippolito, Executive Director of Internal Services and Purchasing at WestLB.
"ASPEN 360 VFR provides WestLB with a scalable solution that gives authorized staff Web-based access to critical documents from any location using only a Web browser," stated Rick Kushel, CEO of Archive Systems. "The Software-as-a-Service model of ASPEN 360 VFR is unique because it meets WestLB’s document processing needs without requiring the company to buy, install or maintain software or hardware."
About WestLB
WestLB AG is one of Germany’s leading financial services providers with offices in the world’s largest financial centers. The firm provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. WestLB has total assets of more than €288 billion, as of March 31, 2007. For more information, please visit www.westlb.com
In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB’s wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC.
About Archive Systems, Inc.
Archive Systems, Inc. flagship solution, ASPEN 360 Accounts Payable Edition, combines best practices AP Automation with ZeroTouch AP imaging and workflow. The product increases efficiencies and reduces costs with features such as straight through processing, which uses automated three-way matching to auto match invoices to PO and receipt line items without AP processor intervention. It includes the ASPEN 360 Invoice Virtualization Center, which removes from the client all tasks associated with document imaging, data capture, document classification, indexing, and OCR. The company also provides physical records management services such as business records storage, document shredding, and offsite data storage, through a number of Record Center locations. For more information, please visit www.archivesystems.com.
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