Fraxion's innovative spend management solution is successfully saving some of South Africa's largest and best-known financial institutions valuable time and money.
Fraxion's clients in the financial sector include: FNB, Acsis, American Express Foreign Exchange Service, Maitland Trust, Hollard Insurance, ATM Solutions and MBD Credit Solutions. Fraxion's award-winning technology allows these companies to control and optimise the money they spend by cutting operating and other costs associated with doing business. Fraxion provides an efficient, easy-to-use, Web-based cost containment and automated procurement solution. The intelligent technology automates the full procurement cycle and streamlines the purchase-to-pay process while providing complete visibility of transaction life cycles.
Stanton Jandrell, CEO of Fraxion, said: "Our solution has been implemented across industries, but I am particularly proud of the success we have achieved with financial institutions, an industry which demands high levels of accuracy and efficiency. Fraxion has successfully automated time-consuming manual processes for large financial clients, driving efficiency and saving them valuable time and money."
Satisfied client, American Express Foreign Exchange Service (Amex Forex), required a more efficient process in order to lower the cost of transacting. The company was operating a decentralised approach to expenditure, with the individual branches each controlling their own procurement and payments. The company's head office experienced inefficiencies and there was no budget visibility.
After implementing Fraxion, Amex Forex CFO Margie Ward said: "Ours is a business that operates on very thin margins, and thus business efficiencies are very important. Fraxion has enabled Amex Forex to automate the last frontier of our business."
Using Fraxion's platform, Amex Forex has remote access with centralised control. Amex Forex management now has visibility into, and control over, the spending activities of every individual in the organisation. The previously manual processes are automated, resulting in increased efficiency throughout the business, particularly in the finance department. Fraxion provides Amex Forex with instant access to accurate real-time budget information and formulates reports at the click of a button. Using Fraxion, procurement controls are in place regarding vendor approval, with compliance being enforced by embedded statutory policy and procedures.
Another client, Maitland Trust operates from global locations, but has a centralised finance function. The controls and volumes of spend were all manually approved and hard-copies filed, a time-consuming and cumbersome process which often exposed the business to substantial delays in spend authorisation.
Since implementing Fraxion, all of Maitland's employees request and manage spend within the technology's controlled environment. The process flow embedded in Fraxion has enabled Maitland to easily manage authorisations in cases where people are travelling or absent, and at the same time pre-authorisation of all spend is enforced. Fraxion's functionality allows approvers to view, monitor and verify requests as they flow through the system, providing clarity in managing cash flow and forecasting.
Sean McDiarmid, Maitland's Group Financial Controller, said implementing Fraxion had allowed the business to manage authorisation of spend by managers and budget owners. "Finance is able to obtain reliable information from Fraxion, which is used to update our ledgers and pay suppliers knowing the outputs are approved."
MBD Credit Solutions' significant debt collection operation requires a large workforce of call centre and administrative staff. The business incurred extensive costs as an inevitable part of the collections process, and turned to Fraxion to better manage spend. Before using Fraxion, MBD's procurement costs were exceedingly high relative to the amounts being collected, and management wanted to reduce expenditure and increase the company's purchasing power. The manual, paper-based systems the company was using afforded no visibility into spending at branch level, and offered little control over supplier selection and the approval of decisions being made.
Fraxion provided MBD with centralised control over spending across all locations. The spend management solution's embedded business rules and automated approval processes provided the level of visibility and control MBD's management required to drive savings in all areas of procurement. By highlighting recurring purchases across the group, Fraxion has enabled MBD to increase its purchasing power with preferred suppliers, resulting in considerable cost savings.
MBD's Senior Financial Manager, Ruan Aldum, said: "Fraxion has enabled us to systemise spending in an automated end-to-end process to monitor budgets and cut down on transaction processing time. It provides visibility at all stages of approval, and ensures that there is an audit trail of all completed activities."
Jandrell said: "These are just a few examples of what Fraxion has achieved for our clients in the financial industry. Our automated, intelligent solution successfully saves our clients time and money, and drastically improves their business efficiency. We are also continuously upgrading our software to ensure Fraxion consistently offers the latest and best available solution."
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