Manage A Company's Spend With aXpire And Blockchain

in #blockchain6 years ago

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INTRODUCTION

There are several challenges that have taken seat in business space causing financial wastage, on the long run decreasing business profitability.

Statistics shows that the expenditures of asset managers working behind the scene, that is, the middle office and back office are more and ranges between 15% and 25% of actual expenditure. These expenditures do not however cover for slow processes and inaccurate filings.

Buttressing, recent studies on the percentage regulatory expenditure of RegTech, a partner company, projects that between 2007 and 2022, it will rise from 4.8% to 34.4%. Another case is that of Citi, an international financial house with up to 30,000 personnel as in the compliance department is still faced with the challenge of reducing waste. It is believed that with such staff strength waste can be reduced by 50% of wages translating into $1.2Bn on yearly basis, however, with the use paper, PDF and spreadsheet system (PPS), it is far from achievable.

There are many challenges within the marketplace that seeks real solutions to tackling the challenges of spend management. The challenges ranges from increasing profits, improved system of communication between departments, spend and data analysis and so on.

ABOUT aXpire

aXpire is made of team with LSG C Suite background and with a combined experience of over 90 years in the software enabled payment platform. Furthermore, it has a team of 9 full time blockchain experts working in synergy with R3, a software company that develops proprietary blockchain platform called Corda.

THE aXpire SOLUTION

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aXpire primary goal is to create a win-win platform to help clients increase the profitability of their businesses reducing waste to a minimum through the use of our marketplace software to oversee end to end internal spend management and services. This is intended to be achieved by the introduction of a secured blockchain and machine learning technology, occurring in actuality, into the business environment to provide zero interruption and coherent spend management throughout the life span of the service exchange. With references from a growing SQL database showing approved or denied transaction of services, machine learning will guide the user to make intelligent and informed invoicing decisions.

aXpire’s application is designed to create a non-interrupted digital connection across the following departments namely, fund accounting, legal, compliance, finance and administrative departments.

aXpire spend management system operates in phases. The initial phase, the system acts as assets and fund manager at banks, equity firms and other financial houses. The system at this phase manages and disburses funds to various expenditures. Going further, in this phase, the spend management system can be designed such that it will extend into industries beyond the asset management such as travels, transportation, food industry and so on creating a management lifecycle via a secured built SaaS model and eliminating the human process. The system allocates funds to various internal departments (such as legal, accounting, etc) for their expenditures.

The second phase, the industry agnostic approach, aims at improving on the expense management system.

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aXpire MECHANISM

aXpire, to solve the challenges of payment system in the business space has developed software called Resolvr solution. It also has a web based application that is built based on Model View Controller framework (MVC), a three linked constituent part application developed in aspet.net

Resolvr is a networking software that connects various departments within an organization. It provides solution to spend management on the basis of peer to peer (P2P) or business to business (B2B) network.

Resolvr solution comes with other packages to increase efficiency such as Coupa and Quickbook, etc used by fund managers and finance related set up.

ADVANTAGES OF THE aXPIRE PLATFORM

There are enormous advantages with aXpire platform including:

  • With the presence of artificial intelligence (AI), human error in manual process is drastically reduced. This AI as machine learning empowers the user to make right and informed decision in approval or rejection of expenses with references from its SQL database

  • The introduction of workflows will eliminate the use of paper, PDF and spreadsheet. Workflow reduces manual work and increase efficiency in management.

  • The combination of blockchain and machine learning technology will help to increase the profit margin of business operations.

  • Improved communication across/ between departments.

  • SaaS model is designed such that it is highly secured when delivered.

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aXPIRE TOKEN INFORMATION

The aXpire token AXP is a DApp utility token built on the existing Ethereum network. The AXP is ERC223 compatible but also readily backward compatible with all ERC20 contracts, wallets and operations. Its a full utility token that'll be used by vendors for e-biddings and e-procurements on the RFP portal and also on the P2P platform for budget and service payment. A small amount of AXP will be charged for each transaction; these transactional charges will be removed from the system via a token burn function which will act to reduce the amount of AXP tokens in circulation thus increasing its utility.

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Initial token distribution was by Token Generation managed by smart contracts in charge of token minting, creation, transfers, etc. The total AXP token generated is a fixed amount of 350,000,000 which will decrease over time due to the burn function. 75% of the total tokens will be distributed during presale and sale as well as bounty and referral programs. The remaining 25% will be shared to bug bounty program (5%), 10% to developer and advisor team and the other 10% to token reserve.

For more information, visit

https://www.axpire.io

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