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SecondFloor Introduces eFrame, a Web Based Application Framework That Enables Users to Create an Automated, Secure and Auditable Workflow Using Their Familiar Excel Environment
AMSTERDAM and FRANKFURT, August 25 /PRNewswire/ -- The usage of Microsoft Excel is a phenomenon many financial institutions already embrace. The program is easy to use, can be configured for the unique business needs of the user, it is user friendly and most importantly everybody has it available as part of Microsoft Office. Although Excel has a lot to offer for financials, the program also leaves some loopholes in the business processes that can make the use of Excel risky. For example the audit ability of the program is problematic; Excel does not support mandatory processes. Data or model changes are not centrally stored, there is no version control and decentralized usage leads to a lot of manual labor. The disadvantages of Excel can lead to a significant impact on companies in the financial industry. A simple cut and paste error in Excel has cost TransAlta 24 million US dollars and incorrect links in spreadsheets have cost Allied Irish bank 700 million US dollars on fraud. These are just two of more than 300 recorded examples of fatal issues caused by the use of unaudited Excel spreadsheets. SecondFloor has developed eFrame, a web based application framework that enhances Excel and will use the existing models and data structure. This means that users can still use their Excel models and files in a controlled and server-based environment. eFrame adds compliancy sign-off, controlled access, version control, backup functionality and full audit ability. It will automate the workflow and is configurable to your business needs. Finally, the distribution process of data and reports will be automated. About SecondFloor SecondFloor is an innovative and dynamic IT company. With comprehensive expertise of the financial industry and ICT worldwide, we level up the effectiveness of your business by managing changes and delivering business solutions based on fixed price and fixed date agreements. SecondFloor has leveled up the business of many renowned financial institutions in the domain of risk management, card issuance and payments. We listen well to our clients' business needs and translate them into award winning IT solutions that will move their business up to the next level. http://www.secondfloor.eu For more information please visit our eFrame website: http://www.secondfloor.nl/eframe
