JPMorgan Chase & Co. is implementing vendor software to speed the capture of business documents as images.
Oracle Corp. said Tuesday that the New York financial company would use its Oracle Distributed Document Capture application to capture and index business documents, including loan applications, financial statements, invoices, and checks.
Ken Peterka, vice president of software development at Oracle, said in an interview that the initial rollout more than 750 U.S. employees of JPMorgan Chase already are using the software.
By the end of next year more than 3,000 of the banking company's employees in the United States, Europe, Africa, and Asia are expected to be using the application, the Redwood City, Calif., vendor said.
Employees will be able to use a variety of scanning devices, depending on their location, "to truncate documents and get them not only into the archive but to get them potentially into workflow processes quicker," Mr. Peterka said.
JPMorgan Chase is a significant provider of imaging services for other companies and for its own employees, he said. "They want to leverage existing assets."
Trevor Salt, the manager of distributed document capture at JPMorgan Chase & Co., said in an Oracle press release, "Oracle Distributed Document Capture is designed to help us increase efficiency and gain tighter control over records for compliance requirements."
