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Itemize

ITEMIZE AND FRAEDOM ANNOUNCE A NEW AGREEMENT: RECEIPT MANAGEMENT WITH NO USER INVOVLEMENT

06 July 2015 10:45

UNDER EMBARGO UNTIL 07 July 2015 00:00

Itemize (www.itemize.com), the world’s leading receipt data extraction solution, and Fraedom (www.fraedom.com), a leader in corporate spend management, today announced a new agreement that eliminates user data entry when managing expense receipts.

This agreement means Fraedom customers can simply use their mobile device to take and upload a photo of a receipt, which will then be automatically scanned. In just a few seconds Itemize’s proprietary technology will extract key data about the transaction, including merchant name, total value, and tax amount, which is then used to match the receipt image to the relevant transaction in Fraedom. Cash claims no longer need to be manually created as it’s all done automatically based on the information extracted from the receipt, minimising data entry for the employee. Together, Fraedom and Itemize deliver a ground breaking solution, freeing up staff from cumbersome and time-consuming receipt data entry, so they can get on with their day jobs.

Jim Thomas, CEO and Founder of Itemize, said: “Fraedom can now bring our unique and powerful document processing algorithms to their clients worldwide. Together we enable customers to snap a photo of a receipt; then we automatically extract the data and link it to the right transaction. Automating this process ensures efficiency, increases accuracy, and conserves resources.”

Kyle Ferguson, CEO of Fraedom, added: “This agreement takes us one step closer to our vision of providing our customers with a touch-less transaction experience. It makes it quicker and easier for users to manage their receipts and frees them up to get on with their jobs. For finance it increases receipt compliance and tax reclaim, saving the company time and money.”

About Itemize:
Itemize is a receipt data extraction and management company. Built by payments industry veterans, Itemize’s solutions simplify expense capture and expedites reimbursement for businesses. Its proprietary platform employs thousands of machine learning algorithms that transform receipts and invoices into data, achieving unprecedented extraction speed, accuracy and detail.

For more information about Itemize, images, case studies and demos of the platform please contact:

USA Head Office
Jim Thomas at jthomas@itemizecorp.com
By phone at: +1.212.206.0880

UK
David Parker at dparker@itemizecorp.com
By phone at +44 (0) 7712 079 307

About Fraedom:
At Fraedom, we give companies a better way to manage business spend – freeing up staff, increasing control and saving them money. We’re passionate about technology but it’s the impact we’re able to have on our customers businesses that really drives us. Booking and managing travel, processing expenses and capturing and managing B2B spend in one place gives our customers the freedom of control and helps them be more successful.

Over 134,000 organisations already benefit from our technology, everyone from global multi-nationals right through to public sector organisations. We provide our solutions directly to corporates and also through partners who deliver the technology to their customers in their own brand. Fraedom was established in 1999 and has offices in the UK, US, Australia, New Zealand and Japan.

For more information about Fraedom please contact:

Vicki Scheele
By phone at +44 (0) 7920 576 489
vscheele@fraedom.com

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About Itemize

Itemize is a receipt data extraction and management company. Built by payments industry veterans, Itemize’s solutions simplify expense capture, streamline reporting and expedite VAT reimbursement for small businesses. Its proprietary platform employs thousands of machine learning algorithms that transform receipts and invoices into data, achieving unprecedented extraction speed, accuracy and detail.

www.itemize.com

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