Business spend management firm Coupa Software is collaborating with HSBC to offer companies in Europe virtual cards to better manage payments, according to a press release on Wednesday (Jan. 12).
Business-to-business (B2B) payment methods are in demand as remote work continues and companies are tasked with tackling fraud on conventional payment rails. With virtual cards, businesses get transparency and control, with pre-approved spend and streamlined reconciliation. The solution aims to assist finance and procurement departments in achieving a higher level of efficiency and productivity.
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Roger Goulart, executive vice president of business development and alliances at Coupa, said that the company welcomes HSBC to the “fast-growing Coupa Pay global partner ecosystem” that is aiming to spur companies in Europe to forge ahead with innovative approaches to payments.
“The availability of HSBC virtual cards on the Coupa platform will ensure customers have all the benefits of virtual payments, including speeding up payment processes and improving liquidity and working capital,” Goulart added.
Read more: The Rise of Virtual Cards
Launched in 2006 in Silicon Valley, Coupa Software offers cloud spend management solutions for businesses, including a suite of financial applications for business spend management. The company takes a comprehensive approach to spend management with a unified platform that enables businesses to see all spend in one place, including purchasing, invoicing and expenses.
Headquartered in London, HSBC — the Hongkong and Shanghai Banking Corporation — is a banking and financial services organization that first opened in Shanghai in 1865. It is the second-largest bank in Europe behind BNP Paribas and the world’s sixth-biggest bank. The international bank has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America and South America, and serves an estimated 40 million customers.
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“The integration of HSBC Virtual Card products into Coupa Pay’s ecosystem brings together the operational efficiency, security and working capital benefits of our virtual cards with the digital procurement and payables automation of Coupa’s spend management software,” said Brian Tomkins, global head of commercial cards at HSBC.
“We have already seen a number of customer requests to take advantage of the integrated solution as they are increasingly looking to digital solutions for operational efficiency and supply chain resilience, allowing them to focus on growing their business,” Tomkins added.
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