With this new Expend Card Connect feature, Visa Business Card debit and credit transactions can be passed into the Expend app in real time, streamlining the processing of business expenses, Expend said in a press release emailed to PYMNTS Tuesday (June 20).
“Expend Card Connect allows businesses to immediately see purchases made on any Visa Business Cards that are connected to Expend and approve them for filing into their company accounts,” Expend CEO Johnny Vowles said in the release.
This feature saves companies the time that would be spent processing expense purchases, eliminates the errors that can occur when data is input manually and gives companies real-time visibility of costs, according to the release.
“Expend Card Connect continues our mission to improve real-time visibility and zero-touch processing of personal expenses and answers a pressing customer need,” Vowles said in the release.
PYMNTS research has found that as recently as 2021, one-third of businesses were still managing their expenses with manual processes.
These processes required employees to fill out and submit paper forms and checks, required business partners to handle paper invoices and checks, and required the companies themselves to keep tabs on the multitude of forms and files, according to the “Corporate Spend Playbook,” a PYMNTS and Airbase collaboration.
The report also found that digitizing these paper-based processes can help rein in the inefficiencies that are inherent in these methods.
In another recent development in the spend and expense management space, Medius said June 7 that it plans to acquire Expensya to add Expensya’s artificial intelligence (AI)-powered, mobile-first employee spend management solutions to Medius’ accounts payable (AP) platform.
About a month earlier, on May 2, Fyle and Intuit QuickBooks partnered on real-time expense management and simplified bookkeeping solutions that help small- to medium-sized businesses (SMBs) automate expense reporting, credit card reconciliation and closing the books.
On the same day, Inbanx partnered with Corserv to launch Visa commercial credit cards and integrate Corserv’s Payment Cards-as-a-Service API (PCaaSA) payment card issuing platform into Inbanx’s budget and spend control platform.
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