Travel data and technology provider TRX, Inc., has bought the mobile expense reporting application technology from privately-held Nexpense for its expense solution TRUEXPENSE. The native application allows travelers to capture expense receipt photos with their smart phones and automatically uploads the receipts into the expense reporting tool that uses a business rules engine and a fraud detection algorithm.
The new application eliminates the need for business travelers to manually e-mail their receipts. Additionally, Optical Character Recognition (OCR) technology is embedded in the application to help prevent erroneous or fraudulent expense claims. OCR technology parses all entered receipts to recognize duplicates and prevent manual expense errors.
The new application is expected to be fully integrated with TRUEXPENSE in August and will be available through the Apple app store and in the Android market.