From Spend Management To Payroll, Commercial Cards Drive Innovation

To help cater to the needs of businesses and the public sector, FinTechs are introducing new commercial card offerings with spend management and payroll functionalities. This week’s roundup of the latest innovation reveals some of the newest offerings.

Monneo Launches Card For eCommerce Firms

Monneo, a digital payment provider that serves eCommerce merchants, has rolled out a Monneo Corporate Visa debit card in collaboration with Railsbank. To that end, eCommerce merchants can connect a single card to many international bank account numbers (IBANs) at various financial institutions (FIs). “The Monneo Corporate Visa debit card setup is the only one of its kind that Railsbank currently supports, which makes it an important partnership for us. The unique features really do cater to the varying needs of eCommerce merchants and the banks that service them across Europe,” said Louisa Murray, COO UK and EU at Railsbank.

South Africa’s Standard Bank Rolls Out Fleet Card

Standard Bank Fleet Management, a unit of South Africa’s Standard Bank, has rolled out the Standard Bank Visa Fleet card. The offering comes with PIN verification and encryption to provide peace of mind to those who own companies or manage fleets. “The pandemic environment has spurred demand for home delivery, which has prompted businesses to gear up to provide home delivery, or beef up existing fleets,” said Derick de Vries, executive head of Standard Bank fleet and card management. “There are, however, risks associated with managing a fleet that if not provisioned for could affect the business’s bottom line.”

Bahamas’ SunCash Debuts Payments Card With Payroll Feature

Bahamas-based SunCash, which focuses on financial payments and transfers, has rolled out its new “$martPay” card. Business owners can harness the payroll functionality to move funds to a staffer’s mobile wallet account from their own account. Its functionalities also include different rewards systems, swipe or scan to pay, and mobile notifications, among others. Applications can be made at a brick-and-mortar location, through the web or via an app. “As an authorized financial institution (AFI), SunCash is creating a healthy, vibrant and competitive cashless environment in The Bahamas, especially on the Family Islands,” SunCash said, according to a published report.

Teampay Introduces Commercial Card With Spend Management

Expense management company Teampay rolled out its Catalyst by Teampay commercial card. Finance workforces receive live visibility into Catalyst purchases in addition to digitized reconciliation into their accounting software. This feature eases the pressure of finding receipts and closing the books at month’s end. “As an exclusive, luxury card for executives, Catalyst is an exciting opportunity to build upon Teampay’s existing capabilities that revolutionize corporate spending,” Teampay Chief Executive Andrew Hoag said.

WEX Notches California Fleet Card Contract

WEX has won the California state-wide fleet card contract from California’s Department of General Services (DGS) and the Office of Fleet and Asset Management (OFAM). “Our broad payment acceptance, data quality, controls and analytical tools will provide the state with in-depth, actionable information they need to run their agencies’ fleets efficiently,” Bernie Kavanagh, senior vice president and general manager of large fleet at WEX, said in the announcement. The fleet card program will equip California state entities, as well as other qualified local government users, with payment tools, reporting and insights to help with their purchases of electric vehicle charging and gasoline, among other fleet-related costs.