One example of this is a brand-new AI-powered feature that Fraedom is currently developing. By using a combination of past transaction data, GPS location and e-invoices from major companies accessed via Visa’s APIs, the AI will automatically identify and submit the expense. Ferguson uses popular app-based taxi services as an example, explaining that by integrating APIs with the Fraedom platform, after booking a ride, they will be able to send an e-invoice to Fraedom, meaning users will not even have to log into Fraedom to submit the expense.
Alternatively if an e-invoice is not available, the new AI feature will be able to read the information from a receipt using optical character recognition (OCR), link it with the transaction data provided by Visa and enter it into Fraedom. “It will say, ‘Hey, we noticed that the last four times you went to this coffee shop and you submitted it as this code, would you like us to use that code today?’ Then you click, so it reduces significantly the amount of time and effort required to manage expenses,” says Ferguson.
Whilst Fraedom is already available and being used by over 200,000 companies today, Ferguson predicts the new AI feature will be available in the next year or two. “Better expense management is part of the new rules of money,” says Ferguson. “Make the money work for you. In the new digital age, you have to look ahead of the curve to the technology to help you to grow, compete and plan for the future.”
Fraedom is just one of a wide variety of new fintech solutions available to help companies operate more efficiently and effectively. When it comes to expense management, companies now are left with a stark decision – to continue operating as before, or to adopt these types of new solutions, saving employees time and transforming the effectiveness of their finance department.