Skovik vs. Centrix Exact/TMS

Skovik delivers a robust global expense management solution designed to simplify the often cumbersome expense reporting procedures for medium to large businesses, enhancing compliance and allowing both employees and finance departments to concentrate on more vital tasks. With an average completion time of just three minutes for expense reports, employees can shift their attention to more pressing responsibilities. The platform supports expense submissions from any location, enabling users to capture receipts through photos or email, while its AI technology adeptly extracts all the required information. Additionally, Skovik ensures precise calculations for reimbursable amounts across various travel scenarios, accommodating both single and multi-destination trips, all while remaining compliant with the latest regulations. Users can quickly calculate mileage expenses by entering their starting point and destination, whether for simple or complex journeys. The platform also keeps abreast of current financial laws and allows for effortless retrieval of corporate card transactions and invoices from any financial institution via its open API. Furthermore, Skovik aids in effective spending management by aligning card transactions with receipts, providing users with a thorough overview of all their expenses. This degree of automation not only boosts accuracy but also considerably lessens the manual workload, which is a boon for the overall financial well-being of the organization. Moreover, by streamlining these processes, Skovik fosters a more productive work environment, encouraging teams to focus on strategic initiatives rather than administrative tasks.

Every year, check fraud results in substantial financial losses, totaling billions, which affects businesses and banks of varying sizes. Moreover, the increasing volume of ACH payment transactions has escalated the potential for ACH fraud. This form of white-collar crime is now a pressing issue not just for large banks, but also poses significant risks to smaller businesses. To address this escalating threat, financial institutions must prioritize the implementation of positive pay and ACH monitoring as core elements of their business banking services. Exact/TMS provides an all-encompassing transaction management solution that combines check positive pay with payee verification, ACH positive pay, and thorough account reconciliation, giving financial institutions a powerful tool for fraud prevention that meets the transaction management needs of corporate clients. In addition, automated notifications inform clients whenever there are exception items, along with email alerts concerning ACH activities, which ensures that proactive communication and security measures are firmly established. This comprehensive strategy not only improves fraud detection capabilities but also bolsters the level of trust that clients place in their financial institutions, ultimately fostering stronger relationships. Such efforts are crucial in building a resilient financial environment in the face of evolving threats.