Travel Platform HRS Buys German Expense Management Firm Paypense

Corporate travel platform HRS has acquired German expense management firm Paypense, a move the company said will enhance its suite of corporate payment products.

“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,” HRS said in a news release Thursday (Aug. 4).

The release adds that the Paypense solution ensures budget compliance while capturing data for auditing, steering and sustainability metrics.

See also: Travel Platform HRS Launches Citi Partnership

HRS CEO Tobias Ragge said that this acquisition follows the company’s purchase last year of Itelya. He said that by buying Paysense, HRS could focus on improving employee satisfaction.

“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,” Ragge said.

Following the acquisition – set to formally close this month – Paypense’s staff will become HRS employees. Christopher Hecht, founder and CEO of Paypense, will take on the role of chief product officer for HRS.

“It’s clear from our industry engagement that there is an appreciation for our approach,” Hecht said. “We’re working in concert with expense providers and financial institutions, not competing with them as we transition from expense management to spend management.”

Read more: Decentralized Workforces Require Specialized Spend Management Solutions

As PYMNTS noted recently, spend management solutions have become increasingly important for businesses hoping to control cash flow thanks to the rise of decentralized workforces.

This was a trend initially sparked by the pandemic, with companies hiring workers from disparate locations and existing staff moving to new locations.

“Now organizations are trying to figure out, ‘How do I manage all that?’” Emburse CEO Eric Friedrichsen said in an interview with PYMNTS.

Among the obstacles facing companies are figuring out how to ensure they’re in compliance, managing spending in the right way and negotiating with suppliers. These companies also need to offer a user-friendly experience for employees spending money on behalf of their employer from their home offices.


Freightos Adds Index Linking Tool to Freight Booking Platform

Freightos Adds Index Linking Tool to Freight Booking Platform

Freightos expanded the capabilities of its digital freight booking and payment platform by adding a tool that enables dynamic contract pricing that automatically adjusts to market fluctuations.

The new Freightos Index Linking Toolkit helps importers, exporters, freight forwarders and carriers manage stable freight contracts by ensuring competitive pricing and eliminating the need to renegotiate rates when rates increase or decrease, the company said in a Tuesday (Feb. 18) press release.

“Logistics teams, already stretched thin, are now renegotiating freight contracts quarterly instead of annually due to ongoing disruptions,” Freightos Vice President Market Data Anton Barr said in the release. “In this volatile environment, ocean freight index linking is becoming more essential than ever.”

The Freightos Index Linking Toolkit’s index-linking is based on two of the company’s indexes, including a global container index called the Freightos Baltic Index and an air cargo index called the Freightos Air Index, according to the release.

These are combined with hedging via freight future agreements on the Chicago Mercantile Exchange and the Singapore Exchange to help carriers, forwarders and beneficial cargo owners reduce freight pricing exposure and improve internal efficiency, the release said.

Bjorn Vang Jensen, executive vice president and global head of ocean at Easy Speed International Logistics, said in the release that “a long-term stable rate contract is a near-perfect hedge.”

“Shippers are always looking for better ways to procure freight, secure space and, most importantly, bring some predictability to the process,” Vang Jensen said. “Index-linked contracts do just that — they help both sides get a good deal while freeing up time and energy for more productive work.”

The transportation, logistics and shipping business has undergone a foundational shift to become increasingly digital, with companies moving away from Excel spreadsheets to online platforms, according to the PYMNTS Intelligence report “Accounts Payable Automation: Transportation Companies Innovate to Drive Growth.”

Meanwhile, Freightos said in August that it acquired freight-tender procurement platform Shipsta to provide its importer, exporter, forwarder and carrier customers with comprehensive solutions beyond spot freight bookings and sales.

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