Fraxion's latest procurement and spend management technology provides financial institutions with a competitive edge in this progressive and dynamic industry.
Fraxion is an easy-to-use, completely automated procurement solution that effectively integrates with an organisation's existing ERP system. It fully automates the organisation's procurement cycle and streamlines the purchase-to-pay process, providing complete visibility over the full life cycle of every transaction the business processes.
Stanton Jandrell, Fraxion CEO, said: "Our innovative spend management solution is successfully saving some of South Africa's largest and best-known financial institutions valuable time and money. Fraxion currently services clients such as FNB, Acsis, American Express Foreign Exchange, Transaction Capital Group, Maitland Trust and Hollard Insurance, to name a few. Our intelligent solution has a proven track record in this pioneering and highly-competitive industry."
Using Fraxion's solution, financial services organisations are able to eliminate redundant costs associated with decentralised staff and technology, providing full cost control across multiple branches.
Jandrell said: "With Fraxion, the approval is generated before all purchases, ensuring significant cost savings for your organisation, as well as improved control, regardless of how many branches your organisation operates from. There is also strict approval limit maintenance, across-the-board use of preferred suppliers, and, fundamentally, the standardisation of purchasing."
The automated software also replaces time-consuming manual processes, such as staff expense claims and travel requisitions, allowing management more control, and staff more time to concentrate on essential business.
Jandrell said: "Our experience has proven that spend management software is the best way for financial institutions to control and optimise the money they spend, as it cuts operating costs. Our world-class spend management software is already providing leading organisations with a distinct advantage over their competitors by ensuring they achieve total cost management, long-term sustainable savings, valuable spending assessments, and an increase in procurement efficiency."
More key benefits of Fraxion for financial organisations:
* Reduces licence costs normally associated with wider ERP deployment through Fraxion's unique cost-saving licence model;
* Accurately caters to the unique multi-taxation requirements facing many financial services companies;
* Reduces property management costs and the high capex costs typically associated with new branch openings and refurbishments;
* Enables the unique delegation of authority matrix required by many financial services organisations;
* Easily manages high user counts and large transaction volumes;
* Allows for effective centralisation and enforcement of organisational policies and procedures;
* Implements effective spend management processes within the constraints of strict firewall, access control and security requirements;
* Enhances corporate governance compliance;
* Implements budgetary controls at a group level, allowing individual transactions to be assessed against these group budgets.
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