--- title: "Procurement software with AP automation and spend control for financial services, insurance, and banking" description: "Transform financial services procurement with Fraxion" canonical: https://www.fraxion.biz/industries/financial-services url: https://fraxion.getmd.ai/industries/financial-services.md last_converted: 2026-09-08T23:39:07.337Z --- ```json { "@context": "https://schema.org/", "@graph": [ { "@type": "SoftwareApplication", "name": "Fraxion", "image": "https://www.fraxion.biz/hubfs/Mercuric/fraxion-procurement-software-logo-color.svg", "description": "Fraxion is a mid-market procure-to-pay platform that helps finance teams control spending before money is committed, automate AP, and extend their existing ERP—without the complexity of an enterprise system.", "brand": { "@type": "Brand", "name": "Fraxion" }, "aggregateRating": { "@type": "AggregateRating", "ratingValue": "4.4", "bestRating": "5", "worstRating": "1", "ratingCount": "193", "reviewCount": "193" }, "review": { "@type": "Review", "name": "G2 User", "reviewBody": "It used to take me a month and a half just to enter invoices; now I can easily get through each one in about three to four minutes. Fraxion pulls in all the details—prices, quantities—so it's much easier to spot mistakes. It's made my job so much easier.", "reviewRating": { "@type": "Rating", "ratingValue": "5", "bestRating": "5", "worstRating": "1" }, "datePublished": "2026-03-12", "author": { "@type": "Organization", "name": "G2" }, "publisher": { "@type": "Organization", "name": "G2" } } } ] } ``` Procure-to-pay software for financial services # Audit-ready spending across every office and entity Procurement and AP automation for financial services, giving finance and compliance teams across insurance, wealth and asset management, banking, and payments companies real-time spend control, segregation of duties, and a continuous audit trail across every regulated entity. [Request a demo](https://www.fraxion.biz/get-a-demo) ![Fraxion purchase request dashboard for a financial services team](https://www.fraxion.biz/hubfs/website%20rebrand%202026/batch%205%20hero%20images/financial%20services.webp) ## Trusted by mid-market finance teams ![CIB](https://www.fraxion.biz/hs-fs/hubfs/website%20rebrand%202026/Financial%20Services/CIB%204.webp?width=150&height=60&name=CIB%204.webp) ![Medshield Medical Scheme](https://www.fraxion.biz/hs-fs/hubfs/website%20rebrand%202026/Financial%20Services/MDS_Medical_Scheme_Partner_For_Life_Logo_2024-2048x585-1%201.webp?width=188&height=43&name=MDS_Medical_Scheme_Partner_For_Life_Logo_2024-2048x585-1%201.webp) ![ICBL](https://www.fraxion.biz/hubfs/website%20rebrand%202026/Financial%20Services/icbl-logo.svg) ![Mukuru](https://www.fraxion.biz/hs-fs/hubfs/website%20rebrand%202026/Financial%20Services/image%2041.webp?width=164&height=52&name=image%2041.webp) ![Total Health Care](https://www.fraxion.biz/hs-fs/hubfs/website%20rebrand%202026/Financial%20Services/THC-Logo-Horizinal-Transparent-1968-768x189%201.webp?width=217&height=46&name=THC-Logo-Horizinal-Transparent-1968-768x189%201.webp) ![Equitable Bank](https://www.fraxion.biz/hs-fs/hubfs/website%20rebrand%202026/Financial%20Services/OIP%20(30)%20(1)%201.webp?width=137&height=42&name=OIP%20(30)%20(1)%201.webp) ![Financial services professional reviewing spend approvals on a laptop](https://www.fraxion.biz/hubfs/website%20rebrand%202026/Financial%20Services/finserv-split-composite.webp) Built for financial services ## Why financial services teams choose Fraxion Financial services firms operate under close regulatory scrutiny across multiple entities, branches, and jurisdictions, each with its own approval thresholds and reporting obligations. Fraxion centralizes purchasing, AP, and spend control with the audit trail and segregation of duties your control framework requires. ## It’s saving so much time and making things so much easier and assists you in achieving full procurement compliance. PwC auditors were amazed by the mature procure-to-pay process. There were no comebacks when we were audited externally. Rene A. Group Procurement Manager, Mukuru Capabilities ## How Fraxion supports financial services finance teams ![Fraxion purchase request with approval routing across branches](https://www.fraxion.biz/hubfs/website%20rebrand%202026/Financial%20Services/Frame%202118392019.webp) Purchasing and spend control ## Controlled purchasing across every branch and entity. Give teams across branches, offices, and regulated entities a fast, compliant way to request purchases, while finance enforces approval thresholds and policy at every step. - Submit and approve purchases from any device, on web, mobile, or Microsoft Teams - Apply approval levels, spending thresholds and escalation per entity, branch, or department - Enforce purchasing policy and approved-vendor rules automatically - Capture every request, approval, and change in a complete record [Learn more →](https://www.fraxion.biz/features/purchase-requisition-software) Compliance and audit readiness ## The controls and audit trail your framework requires. Build segregation of duties, role based access, vendor onboarding and approval, and a continuous audit trail into everyday operations, so the evidence your auditors and stakeholders expect is controlled and captured as work happens. - Continuous audit trail across every purchase, expense, approval, and invoice - Segregation of duties enforced within approval workflows - A formal vendor approval process before spend is authorized - Documented, exportable records for internal audit and reviewer requests - Strengthen fraud prevention with internal controls, approval hierarchies, and end-to-end transaction visibility - Runs on SOC 2 compliant, independently audited infrastructure [Learn more →](https://www.fraxion.biz/features/purchasing-approval-workflow-software) ![Fraxion audit trail and approval history for a purchase request](https://www.fraxion.biz/hubfs/website%20rebrand%202026/Financial%20Services/Frame%202118392019-2.webp) ![Fraxion AP automation invoice matching with exception flags](https://www.fraxion.biz/hubfs/website%20rebrand%202026/Financial%20Services/Frame%202118392019-3.webp) Accounts payable ## Fewer errors. Faster close. Complete AP control. Free AP teams from manual, multi-entity invoice processing and give finance the real-time visibility, accuracy, and audit trail to close faster, stay compliant, and respond to audits with confidence. - Process invoices up to 5x faster and cut AP cycle times by up to 80%, eliminating manual data entry with AI-powered invoice capture and data extraction - Match invoices against POs and receipts, routing exceptions before they become payment errors - Exceptions that need judgment get flagged; duplicates and overpayment risks get caught before they reach the payment run - Allocate invoice costs by entity, department, or project automatically - Keep records audit-ready; only approved, policy-compliant invoices post to your financial system, when integrated [Learn more →](https://www.fraxion.biz/features/ap-automation-software) Spend visibility and analytics ## Spend visibility across every entity and category. Give finance leaders a single view of spend across entities and categories, so you can consolidate vendors, control discretionary spend, and report with confidence. - See spend across every regulated entity and office in real time - See committed spend, approved but not yet invoiced — alongside actuals, so budget forecasts reflect what’s really been authorized, not just what’s been paid - Track regulatory, legal, audit, IT, and professional-services spend by category - Allocate spend to specific funds, mandates, or client accounts where relevant - Track overhead versus billable spend - Allocate consultant and advisory spend to the project level - Consolidate vendors and uncover savings across the organization [Learn more →](https://www.fraxion.biz/features/spend-visibility-analytics-software) ![Fraxion spend analytics benchmarking my organization versus community summary](https://www.fraxion.biz/hubfs/website%20rebrand%202026/Financial%20Services/Frame%202118392019-4.webp) ## See how Fraxion puts financial services teams in control [Book a demo](https://www.fraxion.biz/get-a-demo) [View integrations](https://www.fraxion.biz/integrations) ## FAQs ### What is procurement software for financial services? Procurement software for financial services automates purchasing from requisition and approval through PO generation, vendor management, and invoice automation, giving finance and compliance teams real-time spend control, segregation of duties, and a continuous audit trail across every regulated entity. ### Does Fraxion support our vendor-management and audit requirements? Fraxion is not a compliance product, but its continuous audit trail, segregation of duties, and vendor approval framework function as a control that supports vendor-management and audit requirements. Financial services customers use Fraxion as documented evidence within their controls framework. ### What security certifications does Fraxion hold? Fraxion is SOC 2 certified, with annual third-party audits covering security, availability, and confidentiality controls. Full security documentation is available on request. ### Can Fraxion manage spend across multiple entities? Yes. Fraxion is built for multi-entity operations, whether you're managing spend across holding companies, subsidiaries, regional offices, or affiliated practices. Each entity gets its own approval workflows, budgets, and vendor relationships, while finance gets a consolidated view across all of them. Tax treatment, currency, and GL coding are configured at the company level. ### Can we start with AP automation or full procure-to-pay? Either. Fraxion delivers value as a standalone AP or procurement automation solution and as a full procure-to-pay platform, so you can start where the need is greatest and scale at your own pace. ### Does Fraxion have a mobile app? Yes. Teams can submit requests, expenses, review budgets, approve and see PO status, receive items and approve invoices on the mobile app from any location. ### How does Fraxion handle travel and expense management? T&E is managed directly within Fraxion, with policy enforcement and pre-approval built into the workflow. Staff submit travel requests before spend is committed, so policy limits, budget checks, and approval requirements are applied upfront, not after the receipt arrives. Expense claims, mileage, and per diems can be submitted via the web or mobile app. ## Audit-ready spend control across every regulated entity See why financial services teams trust Fraxion to control spend and stay audit-ready. Get in touch to arrange a demo, customized to your organization’s needs. [Book a demo](https://www.fraxion.biz/get-a-demo) ![Fraxion spend dashboard for financial services](https://www.fraxion.biz/hubfs/website%20rebrand%202026/Financial%20Services/Frame%202118392214.webp)