Itemize, a data extraction management provider, and Fraedom, a developer in corporate spending solutions, have announced a partnership that offers an automatic receipt management system to UK and global enterprises. Franchesca Hashemi investigates

Fraedom’s clients can now use their mobile device to photograph their expense’s receipt, which is then scanned by the Itemize app using an almost instantaneous extraction technology.

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Key data from the receipt, including merchant name, total value, and tax amount, is paired with Fraedom’s online account of the transaction.

The process shows up on the client’s company account, thus eradicating cash payments and paperwork.

Global partnerships at Itemize – expense management David Parker, listed the partnership’s focus on ‘simplicity’ as a defining feature:
"The difference between our receipt management system and that of, for example, Examplify, is the algorisms which completely removed the middle man from this process.

"Our software does not rely on outdated and manual extraction techniques. It is a fast and user-orientated experience that frees up time for busy people to get on with their jobs.

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Itemize and Fraedom’s receipt payment processes minimises manual user data entry, for the client, software developer and individual involved in making the payment.

The Itemize app is available on iPhone and android devices, with receipt recognition process taking a total of 15 and 25 seconds, respectively, to complete.

Fradeom have more than 134,000 clients benefitting from its receipt data extraction system, ranging from large corporates companies in Indonesia and New Zealand to public sector organisations in the US and UK.

Kyle Ferguson, CEO of Fraedom, added: "[In terms of] finance it increases receipt compliance and tax reclaim, saving the company time and money.

"This agreement takes us one step closer to our vision of providing our customers with a touch-less transaction experience."