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In B2B FinTech, spendmanagement is a greenfield opportunity as innovators explore how to help corporates understand the nuances of how money flows out of the enterprise. But there is an opportunity in consolidating spend data across platforms, he told PYMNTS, and it starts with bringing spendmanagement and payments closer together.
Technology has created new challenges for corporate finance managers to handle employee spend, and unless they embrace the technology that can help them gain a better grasp of these challenges, CFOs risk missing out on growth opportunities, according to T&E firm Concur.
The firm said it will use the latest funding round to help fuel expansion of its travel and spendmanagement solutions. According to CEO Joel Vicient, the company streamlines T&E into a paperless, streamlined solution, with automation helping to reduce the risk of fraud and errors.
Corporate travel and expensemanagement has made leaps in adopting new technologies in 2016. Uber, Lyft and Airbnb are all taking off in the space, suggesting corporate travelers and their managers are ready to adopt innovations that make their lives easier — both to travel and to manage corporate funds.
Corporate payments solution provider WEX announced this week it is collaborating with Australia-based robotics process automation firm Troovo Technologies. Together, the companies said in a press release , they will integrate robotics process automation to generate virtual cards within the WEX platform for corporate spendmanagement.
According to a press release , Yatra will link customers based outside of India — whose employees travel in the country — with Chrome River’s expensemanagement solution as part of a broader travel booking and spendmanagement platform, offered via Yatra’s Self Book platform.
In October, Expensify debuted the Expensify Card , which is integrated with its technology. Every transaction on the card is brought into the Expensify technology to automate the creation of receipts, expenditure reports and expense breakdown.
Tradeshift Senior Vice President and General Manager Sarika Garg certainly believes the answer is yes, because employees at these mid-market companies are ready to adopt these kinds of solutions. “Everybody knows chat. They don’t feel afraid to take something like this on.”
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