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50 Innovative Companies to Watch 2020

With its award winning solutions, Fairfax Software has become a leader in document imaging and automated data capture

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Financial transaction processing is more than just performing accounting transactions or capturing financial data. It involves a broad set of activities that are the basic foundation for our day-to-day business, accounts payable, fixed asset management, project accounting, travel and expense processing, general ledger accounting, and treasury management. The mentioned processes are crucial for the processes in the finance department to deliver high-quality information. To provide complete visibility into the processes, the firm must document tracking applications, provide personalized analytics, and tools to automatically draw up financial statements. New technologies are transforming the financial transaction processing industry and consumers’ interactions with money.

Fairfax Software is a leader in financial transaction processing solutions, featuring solutions for online, mobile, over-the-counter, and mail-in payments for clients in the Commercial, Federal, State, and Local marketplaces. Fairfax Software solutions span the globe from New England to New Zealand. Its world-class software serves the payment, eBilling, data capture, tax processing, and online motor vehicle industries. Fairfax Software’s cloud-based solutions feature innovative and secure work-from-home technologies with a centralized real-time productivity dashboard. With PCI and SOC2 Type 2 compliance, as well as robust data encryption, Fairfax Software’s clients can rest assured that their data are secured and encrypted both in transit and at rest. Fairfax Software was founded in 1994, and it is based in Tampa, Florida.

In conversation with Steve Chahal, CEO and President of Fairfax Software

Q. How did you develop your Document Imaging and Automated Data Capture solution?

The Quick Modules suite of software is developed in its entirety from the ground up by Fairfax Software. The solution was developed based on my work on the IRS SCRIPS imaging project in the early nineties and that’s when I saw the complexities of using multiple vendor platforms to operate. Through internal development based on this vision, Fairfax Software developed Quick Modules in order to provide a single, common platform for all inbound paper documents. This has since been expanded to include any electronic as well as paper files, all processed by a comment architecture, under the hegemony of one common workflow and one database ad a common set of business rules within Quick Modules that can be tailored to any industry.

Q. What are the issues addressed by your offering?

Our clients are looking for efficiencies in their operations and improve the quality of their data capture processes. Quick Modules addresses these issues through high recognition rates for the capture of information, as well as applying a set of business rules to ensure the data captured are accurate. As a single platform capable of processing virtually any electronic or paper document, our offering eliminates the need to install and support multiple platforms by the customer. With our hosted solution approach, we can reduce or eliminate our client’s investment costs in infrastructure and ongoing support while still allowing them to take full advantage of the solution’s capabilities.

Q. There are other major players in this segment. How do distinguish your services/ stand?

Fairfax Software still stands today as the only vendor that provides a single, common platform to address our clients’ needs for data capture, imaging, and remittance processing industries in the back office. Our product Quick Modules Cashier processes over the counter payments within the same architecture, infrastructure, and database as the back-office solutions for the front office. Quick Payments is the product of choice for clearing online transactions. This 360-degree acceptance of payments covers the world of payments as we know it all by the same responsible vendor. Fairfax Software has extended this single platform approach that no other vendor can provide. We back our technology solutions with world-class talent. Our employees represent a valuable asset to the Company, and we are proud to report that many of our engineers and technical staff members have been with the Company since its inception over 25 years ago.

Q. How flexible is your solution to be used in various sectors?

Our product offering is used in various industries and sectors, including but not limited to government services such as tax and revenue, labor, and motor vehicles; pharmaceutical; integrated payments for utilities; donations; and insurance, financial, and banking.thesiliconreview-image-fairfax-software-20

Q. Do you have any new services ready to be launched?

Quick Key Secure, a Fairfax Software product designed for remote data entry and business continuity support for our clients, is coming soon! With Quick Key Secure, out-of-context, field snippet-based keying is provided for home-based workers to perform entry without the need to know any contextual relationship of the data being entered, protecting the confidentiality of PII (Personally identifiable information) data. The data is presented in a randomized manner, so sensitive data cannot be reconstructed or pieced together by the operator to promote a more secure keying environment. The Quick Key Secure user simply keys the characters within the field of view as the data elements are displayed. This method provides effective, high-speed data entry.

Meet the leader behind the success of Fairfax Software

Steve Chahal, CEO and President of Fairfax Software, founded the company in 1994 with Tony Cristofano in Fairfax, Virginia, the city from which they took the company name. Steve is a leader in the image processing and payment processing software industries. His strategic vision for Fairfax Software guides the marketing and sales efforts for the firm as he is very involved with new business development. Steve invested 26 years of his life in building up the Fairfax Software brand and providing a strategic vision and direction for the company. In doing so, Steve capitalized on years of experience and lessons learned in the data processing industry as it relates to financial transaction processing and image-based document management. His disciplined management team is composed of a veteran and experienced professionals who share his passion for excellence, providing Fairfax Software’s customers with service that is second to none. His international background results in Steve being fluent in six languages.

“Fairfax Software’s award winning solutions allow your customers to securely pay their way. All payments, regardless of method, are managed in a single encrypted Microsoft SQL database to streamline statement reconciliation, back-end accounting functions, research, and reporting.”