MOUNTAIN VIEW, Calif.,
Oct. 20, 2021 /PRNewswire/
-- B2B Fintech Stampli, a leader in Accounts Payable (AP)
automation, announced the launch of its new corporate card, the
Stampli Card, an extension of its AP Automation platform. One
of the most significant issues facing Controllers and AP teams is
the rise of "Shadow Spend," where corporate procurement policies to
obtain proper approvals and authorization for spend are avoided by
placing purchases on a corporate credit card for online
subscriptions and purchases, leaving AP teams lacking visibility
into these credit card purchases until the monthly statements
arrive. Consequently, this disrupts the entire procure-to-pay
process and controls put in place by AP to ensure proper oversight
and authorization into all company spend. To rectify this
disruption, AP is forced into a manual and time-consuming process
to determine who made the purchase and what it was for, verifying
approvals, hunt down the proper documentation, and manually enter
in their financial system to close the books. The Stampli Card
was designed to stop shadow spend before it happens, giving AP the
control needed to properly manage all spend regardless of the
payment method by bringing corporate cards and invoices management
together, all-in-one place.
Stampli Card Allows AP Teams to Issue, Control, and Process
Corporate Cards Inside Stampli AP Automation Platform
The Stampli Card is built on top of Stampli's award-winning AP
Automation platform. AP teams can issue, limit, suspend and
cancel cards on-demand. With AP controlling card issuing, the
proper approvals and controls happen in advance of any
transactions, such as who is authorized to make the purchase, how
much they can spend, what they can spend it on, and how often they
can use the card (one-time, multiple-times, or cyclical). AP
can also pre-define specific fields such as GL-coding, vendor, and
more to ensure the proper cost allocations.
Stampli Card transactions are automatically captured and
processed like invoices inside Stampli. Stampli automatically
matches transactions to uploaded receipts and reminds cardholders
to provide supporting documentation as needed. Everything is
then synced directly to the organization's financial system of
record, directly from Stampli.
"Stampli's mission has always been to provide Controllers and
their AP team full control and visibility over all the company
spend, regardless of the payment method," said Eyal Feldman, CEO, Stampli. "Payment
methods should not determine the process. AP determines the
process. We wanted to fix this overused corporate 'Shadow
Spend' hack for our customers and give them back the control they
need to their jobs."
"WEX is proud to be the embedded payments solution powering
Stampli Card," notes Jay Dearborn,
President, Corporate Payments. "We bring the scalability and
ease of integration that matches Stampli's drive to innovate and
quickly bring new solutions to market. They're an exciting
company to collaborate with and we look forward to future
developments from this partnership."
Built the Stampli Way, where flexibility, collaboration,
and automation are center stage with the Stampli Card, giving AP
teams the control they need to:
- Manage Invoice & Credit Card Spend All-in-one place.
Whether a purchase is invoiced or placed on the Stampli Card,
Controllers and AP teams now have complete visibility and control
into all transactions as they happen in one centralized location,
one system, one user experience.
- Create cards on-demand with proper controls and
approvals. Set controls at card issuance of who can use them,
amount limits, usage parameters (single-, multi-, or cyclical-use),
vendors, or purpose.
- Instantly suspend or cancel cards as needed to control
misuse or violation of company policies.
- Automated reminders, receipt matching and collection of
supporting documents. Stampli matches uploaded receipts to
credit card transactions, and cardholders are automatically
notified and can easily add supporting receipts.
- Automatic capture and syncing of card transactions to
Stampli and financial system. The Stampli Card is built on top
of Stampli's AP Automation platform, which directly integrates to a
company's financial system to ensure all relevant card transaction
details, including pre-define GL-codes and other line items, are
properly allocated in the system of record.
To learn more about the Stampli Card, visit
www.stampli.com/card.
Stampli has raised $87 million in
funding to date, has offices in Mountain
View, Nashville,
Kiev, and Tel Aviv, and processes over $26 billion worth of invoices annually.
Stampli was recently named to CB Insights Fintech 250, recognized
as Best Company Work-Life Balance by Comparably, and named a leader
in G2 Grid® for AP Automation nine
times. Stampli has previously been designated one of the Top
50 Most Promising Startups in Israel, awarded The Best AP Solution from
Fintech Breakthrough for 2021, named The Best AP Automation Company
in the USA from New World
Report.
About Stampli
Stampli is a complete AP automation platform that brings
together accounts payable communications, documentation, corporate
cards, and payments all in one place, allowing AP to have full
control and visibility over corporate spending. By centering
communications on top of the invoice itself, AP departments
collaborate and communicate better with approvers, vendors, and
anyone involved with purchases, allowing approvals to happen 5x
faster. In addition, Stampli's AI, Billy the Bot, learns an
organization's unique patterns to simplify GL-coding, automate
approval notifications, identify duplicate invoices, and reduce
time spent on manual data entry. Stampli's flexible platform
fits seamlessly into any existing processes and integrates with
financial systems, including NetSuite, Sage Intacct, QuickBooks,
Microsoft Dynamics, SAP, and more. For more information, visit
www.stampli.com.
About WEX
WEX (NYSE: WEX) is a leading financial technology service
provider. We provide payment solutions to businesses of all
sizes across a wide spectrum of sectors, including fleet, corporate
payments, travel and health. WEX has offices in 14 countries
and employs approximately 5,400 people around the world.
Learn more
at LinkedIn, Facebook, Instagram, Twitter, and
our corporate blog. For more information,
visit www.wexinc.com.
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SOURCE Stampli