On Jun 9, Pitney Bowes Inc. (PBI) announced a joint venture with Broadridge Financial Solutions, Inc. (BR) to launch Inlet - a novel technology platform. The platform is designed to make the distribution of documents from companies to clients an efficient process. However, the news failed to cheer the investors and the company’s shares dipped 1.24% on Jun 10.
Inlet will allow the companies to provide customers with critical documents like statements and bills from several providers through a single online platform. The two companies also revealed that Inlet has already been selected by Jack Henry & Associates’ division, ProfitStars for their payment processing through iPay Solutions. They will be deploying the platform for their financial institution clients, 2015 onwards.
Inlet can also enable the document distribution via cloud storage and online banking sites to facilitate customer needs. Moreover, the companies will have secured access to critical insights on consumer behavior using analytics related tools. Apart from this, the businesses will also be able to modify the presentation of document at their will while upholding their brand identity. The platform is further designed to streamline processes which will significantly benefit the companies by connecting them to a number of destinations with a large customer base across the U.S.
Inlet will integrate all the documents required by the customers from their preferred channels over the net. Moreover, these documents can be easily archived and secured for a time period of up to 7 years.
Inlet’s launch into its first phase is marked by content from sources like Pitney Bowes’ Mailstream on Demand solution, Broadridge’s investment solutions and notably FileThis - which is a secure online service that obtains vital documents from a diverse set of companies in the U.S.
Inlet is a strategic initiative by Pitney Bowes to create a niche for itself in the documentation domain. The platform will not only increase the efficiency and reduce documentation costs but will also lead to a decrease in paper based documentation, making it environmentally sustainable.
Pitney Bowes currently holds a Zacks Rank #2 (Buy). Some other similarly ranked stocks in the sector include Canon Inc. (CAJ) and Advent Software, Inc. (ADVS) both having the same rank as Pitney Bowes.