APEX Analytix Launches Enhanced Software for Real-Time Accounts Payable Overpayment Prevention and Fraud Detection

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APEX Analytix announces the launch of their new enhanced software for real-time accounts payable overpayment prevention and fraud detection, FirstStrike Retail 6.0 and FirstStrike Commercial 6.0.

APEX Analytix, the fastest growing provider of A/P software for error prevention and fraud detection, recovery audit services, and productivity and performance management solutions to the Fortune 500, today announced the release of FirstStrike Retail™ 6.0 and FirstStrike Commercial™ 6.0. The newest editions of APEX Analytix’s pioneering A/P error prevention and fraud detection software feature improved functionalities that further enhance clients’ internal controls, significantly contribute to Sarbanes-Oxley compliance, and address the complex needs of the growing number of enterprises with global shared services centers.

FirstStrike Retail 6.0 is designed specifically to serve the high volume buying environments of the world’s largest grocery, general merchandise, and drug store retailers. Enhancements to the software include a robust claim writer that enables users to link exceptions to new and existing claims, attach related documents and schedules, and output claim information in a variety of formats. In addition, FirstStrike Retail 6.0 boasts significantly enhanced cost change and pricing error detection, contract editing, and improved exceptions reporting capabilities. The software has been optimized for superior performance across enterprise transaction environments including SAP and Oracle. FirstStrike Retail is currently deployed at two of the world’s10 largest grocers, one of the largest home improvement retailers, and two of the 10 largest mass merchants.

FirstStrike Commercial clients represent the most innovative A/P shared services organizations in the world and include global leaders in manufacturing, energy, technology, communications, pharmaceuticals, and healthcare. Ten of the Fortune 25 and more than 50 of the Fortune 500 are currently using FirstStrike Commercial. Spurred by the growth of the shared services model and consequent need for tools that effectively address the challenges of A/P managers operating in international environments, FirstStrike Commercial 6.0 features new multi-currency and VAT capabilities.     The introduction of these international capabilities follows the recent opening of APEX Analytix’s UK-based headquarters, solidifying the company as an international leader in both service and technology solutions.

APEX Analytix, founded in 1988, has taken the lead in a veritable paradigm shift in the U.S. recovery audit industry. Client demand for preventing errors and fraud in real-time, rather than relying solely on the traditional retrospective post audit methods, led APEX Analytix to develop FirstStrikeÔ, a tool that empowers organizations to internally detect, control, and prevent errors and fraud within accounts payable and procurement.

To date, FirstStrike Retail and Commercial suites have helped prevent an estimated $750 million to $1 billion in overpayments and notably reduced incidents of fraud, which are becoming increasingly prevalent. “Fraud is a serious issue in the enterprise and its perpetrators are unbelievably crafty,” commented Jeff Grambo, Accounts Payable Manager for Thomson West. “After having encountered one incident of fraud that cost us $575,000, we became proactive and implemented enhanced fraud detection capabilities in FirstStrike software from APEX Analytix. By automatically identifying inconsistencies in the procure-to-pay cycle and reporting on potential areas of concern, First Strike has better equipped us to detect fraud.”

"The launch of FirstStrike Retail 6.0 and FirstStrike Commercial 6.0 represent APEX Analytix’s continued dedication to providing proactive technology solutions to the world’s leading enterprises,” commented Michael Lustig, APEX Analytix CEO. “The products in our FirstStrike family complement the expertise of our commercial and retail audit services, which together help accounts payable, shared services, and purchasing organizations support the profitability of their organizations.”

About APEX Analytix

APEX Analytix, founded in 1988, started as an A/P recovery audit services provider and soon transformed the industry with the first standardized, highly functional software solution for the identification and prevention of A/P errors. Today, APEX Analytix serves the second largest customer base of any company in the recovery industry. The company has more software installations than any provider of A/P recovery audit services and prevention software. 30 companies on the Fortune 1000 use APEX Analytix technology. The software has prevented more than $1 billion in overpayments, and achieves a 95 to 99 percent prevention rate that has been borne out by follow up audits. The company is a Deloitte and Touche Fast 50 company. For more information call +44 (0)1908 306035, or (U.S.) 1-800-284-4522, or visit http://www.apexanalytix.com.

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