Case Study: Upromise processes high-value transactions in seconds and saves $6M with Tungsten Automation

Upromise Investments Processes High-Value Financial Transactions in Seconds

Upromise, a leading administrator of 529 college savings plans, faced rapid growth that drove daily transaction volumes from 300 to an average of 4,500 (peaking at 20,000) and required intensive manual processing—many transactions came as checks with remittance slips and new enrollments demanded completing 60–110 data fields. The company needed a scalable, easy-to-use capture solution that could classify, extract, validate and integrate data with high accuracy to minimize manual touches and support continued expansion.

Upromise selected the Kofax platform (Kofax Capture, Transformation and VRS Elite) to automate scan-to-archive, intelligent document classification and data extraction. The solution cut processing times dramatically (subsequent contributions from 2.5 minutes to 35 seconds; new enrollments from up to 15 minutes to 7 minutes), achieved 99.5% accuracy, saved more than $6 million over time, and freed staff to focus on higher-value work.

Upromise

Michael Crosscup

Vice President of Client Services