Profectus Group, which deals in automating compliance and recovery solutions, is bringing Xelix, the AI-powered, real-time auditing tool-set and reconciliation automation platform to Australia. The exclusive reseller agreement’s key features are:
- The agreement enables Profectus to expand its market reach locally from solely large-scale enterprises into the SME space as well.
- The Xelix platform sits alongside existing finance systems, acting as an intelligence layer to automate processes, spot payment risks and deliver meaningful insights.
- It uses the latest in Artificial Intelligence (AI) and pattern-based detection to identify hidden threats and errors in transactional and master data, while minimising false positives.
- Xelix has been looking for the ideal entry point to the Australian market and the partnership delivers an avenue to an existing client base with Profectus, which includes a “Big Four” bank, Officeworks, David Jones, Barbeques Galore, Chemist Warehouse and about 20 per cent of the ASX 100, among others.
Xelix software sits alongside existing finance systems, acting as an intelligence layer to automate processes, spot payment risks and deliver meaningful insights. It uses Artificial Intelligence (AI) and pattern-based detection to identify hidden threats and errors in transactional and master data, while minimising false positives. In addition, its statement reconciliation module fully automates the process of reconciling supplier statements, enabling users to do more reconciliations, more often and in significantly less time.
Xelix helps clients automate reconciliations and identify transactional irregularities – such as overcharging from suppliers or instances of non-claims on rebates – both historically and in real-time. From there, clients can claim to recoup those costs from their suppliers or vendors.
Profectus Group CEO, Chris Hutchins, said, “The Xelix offering ensures not only can we help our clients identify discrepancies faster, but it will help them automate the process and free them to do more high-value work. This level of real-time analysis augments our deep expertise on compliance and we anticipate that the Xelix solution will enable Profectus to identify more issues for businesses across the region than ever before.”
Enterprise-grade compliance and audit expertise ‘Becomes available to mid-market’
The agreement enables Profectus to also broaden its market scope and assist businesses of all sizes, across any sector, for the first time.
Hutchins added, “We’ve historically helped clients at the enterprise level, as auditing takes significant amount of time and resources to undertake. The ROI for us and our clients was only realised when working with large-scale and complex businesses.
“But issues of financial erosion are not limited to the big end of town; small and medium-sized businesses face the same issues of overcharging or under-claiming. Xelix’s real-time analysis of transactions means the audit side is no longer as intensive and it ensures that we can deliver the same level of analysis and expertise normally reserved for big businesses to mid-tier organisations, which to date have been underserved on this front.”
Agreement represents expansion for both companies
The agreement, and subsequent expansion of opportunities for Profectus, coincides with a shift of its headquarters from its St Kilda office to the heart of Melbourne’s CBD. The move will support future expansion of the company’s employee base with growth in the mid-market space expected as a result of the Xelix agreement.
Meanwhile, the agreement facilitates the arrival of the Xelix platform in Australia. The winner of multiple Fintech awards overseas has been looking for the ideal entry point to the Australian market and the partnership with Profectus delivers the company an avenue to an existing client base which includes a “Big Four” bank, BP, Officeworks, David Jones, Temple & Webster, Barbeques Galore, Chemist Warehouse and some 20 per cent of the ASX 100… among others.
Paul Roiter, CEO of Xelix, said, “Profectus has a great reputation of working closely with its clients as a compliance and recovery insider, almost an extension of the finance and AP teams for many businesses across ANZ. It made perfect sense to partner with them and help their clients and future ones to avail of a world-leading technology that will help Profectus focus on key compliance issues that their expertise is best-positioned to deliver. Our agreement ensures mid-market organisations as well as large-scale enterprises can now make the most of our complimentary expertise.”