Top Image Systems, Ltd. (TIS) (TISA) (TASE:TISA), the leading innovator of intelligent document recognition, announced today the successful execution of a saving accounts statement processing project for Banco do Brasil. The project is valued at over US$1 million.

Banco do Brasil is the largest financial institution in Brazil, and one of the oldest active banks in the Americas. With 24.4 million clients and 15.1 thousand points of service in 3.1 thousand cities and 22 countries, it serves every segment of the financial market, and since 2000 is one of the four most profitable Brazilian banks.

Aiming to meet government regulations, Banco do Brasil was looking for a solution to capture and process 60 million savings account statements stored over 60,000 microfiches. After technologically benchmarking several solution providers, Banco do Brasil selected TIS's eFLOW to restore information for balances and interest rates applied incorrectly due to 20 year old Brazilian economic plans. TIS was represented by its local partner, Politec, that brings an expanded package of expertise in IT solutions for governmental agencies, and shows revenues in excess of US$300 million.

The bank set a time frame of 12 months, while the project was successfully completed in just 11 months. Recognition rates surpassing 90% allowed for tremendous savings on human resource expenses as compared to the project plan.

"This project demonstrates our superiority within the banking sector, where our solutions are being used around the globe to transform labor intensive tasks into an automated, efficient and accurate system, while driving down costs," Dr. Ido Schechter, CEO of TIS, commented. "Many financial organizations are now looking into ways to restore operations and expand their offering to customers. With the wealth of experience we have working with financial organizations, we are in an advantageous position to benefit from the anticipated developments in this market and support our customers in the challenges they face."