Smart, Seamless Payment Technology Captures and Centralizes Far-Reaching Spend Elements
HRS, the leading global corporate travel and payment technology platform, announced the acquisition of Germany-based Paypense, enhancing HRS’ growing compilation of efficient corporate payment offerings. Only two years since launch, Paypense’s open platform has already made inroads with a broad range of corporations, enabling employees to use digital payment technology to pay for all work-related purchases. This smarter solution ensures compliance to budgets while also capturing relevant data for auditing, steering and even sustainability metrics.
Latest Fintech News: Ashok Leyland Announces Financing Tie Up in Kenya for Vehicle Financing, as Channel Partner Deluxe Trucks and Buses Inks Agreement With Kenya Commercial Bank
“HRS Pay, reinforced by years of proprietary investments and our 2021 purchase of Itelya to propel the digital transformation of payment, is taking the next step in delivering an exceptional ‘in destination experience’ for corporate employees,” said Tobias Ragge, HRS CEO. “Paypense provides intelligent spend management services for managers and employees alike, whether they are on the road for weeks at a time or supporting a one-day, off-site event that doesn’t require travel. This acquisition represents a new milestone for HRS Pay as we continue to focus on elevating employee satisfaction.”
The employee satisfaction component is critical to driving the successful deployment and ongoing use of spend management technology. Recent research from the Global Business Travel Association, inclusive of feedback from 600+ procurement executives and nearly 2,500 business travelers, found that 85 percent of respondents said that the ease of completing expense reports, ease of expense approval process and speed of reimbursement are important to spend management..
Paypense’s Broad Array of Controls and Efficiencies Redefine Spend Management
Leveraging automated intelligence and auto-approved, in-policy purchasing, Paypense dramatically reduces concerns about what items an employee may acquire. This elegant solution appeals to accounting and procurement managers, as Paypense effectively ensures the right amounts are spent on the right kind of purchases, every single time.
The under-the-hood approach to managing virtual technology and secure connections to a company’s preferred banking institutions makes this seamless to employees who crave simplicity in all expense-related processes. Other Paypense highlights include:
Latest Fintech News: Torches Launches on KuCoin Win and its Legendary Torchlight NFTs to Be Won
- The provision of pre-approved budgets in real time to individual employees, groups, or job candidates via Paypense’s patented “matrix approval engine.” Functionality also allows for the approval and dispensing of increased allocations for emergency scenarios;
- Mobile app capabilities that facilitate tracked purchases by the employees, without him/her ever having to use their own funds;
- Automated receipt acquisition for common online portals used by employees, including air, rail, hotel, auto, ridesharing, phone and other prominent suppliers; and
- Leveraging supplier and localized data, Paypense captures the CO2 emissions of individual expenses, a vital element for companies taking steps to reduce their carbon footprint.
“With our open platform, we’ve introduced a unique differentiator for the provision of virtual credit cards for pre-approved expenses,” said Christopher Hecht, founder and CEO of Paypense. “It’s clear from our industry engagement that there is an appreciation for our approach. We’re working in concert with expense providers and financial institutions, not competing with them as we transition from expense management to spend management. And with all parties squarely focusing on enhancing the employee experience, we’re increasing satisfaction even as we uncover new avenues of payment efficiency.”
“Complemented by this acquisition, HRS Pay now offers truly holistic spend management solutions covering not only travel-related spend, but also non-travel, localized spend that accounts for significant expenses,” said Kurt Knackstedt, Chief Growth Officer for HRS Pay. “With the full integration of Paypense, our complete end-to-end spend management platform provides unmatched visibility of level-3 data, multi-category invoice digitization, and superior VAT reclaim automation – all available globally via any payment provider. Given these cumulative capabilities, HRS Pay is uniquely positioned to deliver the consummate payment solution for Fortune 500 multi-national companies.“
Paypense’s employees will officially become HRS Pay employees when the acquisition formally closes in August. Christopher Hecht will join the HRS Pay team as Chief Product Officer, overseeing development and working collaboratively with clients, partners and employees to enrich HRS Pay solutions moving forward.
Latest Fintech News: Counterpart Names Claudette Kellner as Insurance Product Lead and Eric Marler as Head of Claims
[To share your insights with us, please write to sghosh@martechseries.com]
