Spend management firm ExpenseWatch is rolling out a new solution that taps into the commercial card capabilities of PEX.
In an announcement Wednesday (June 29), ExpenseWatch and PEX announced the launch of a Visa prepaid card to help companies manage expenses. The card was developed as a way for companies to hand buying power to employees while still maintaining control and visibility into how corporate money is being spend.
"This card provides our customers with a better alternative for making funds available to their employees who need them, while giving administrators front-end control over every dollar spent," said ExpenseWatch vice president of Strategic Alliances Paul Thedinga in a statement.
ExpenseWatch's prepaid card program integrates into its online platform to enable spend managers access to spending data. Executives can set controls and spend limits on the cards, and direct money to the employees using them as needed, the companies said.
The firm added that the prepaid card negates the need for employees to use their personal credit cards or cash to then expense their purchases back to the company, as well as for the company to issue a blank check to employees.
"PEX and ExpenseWatch have a shared vision for bringing time and money-saving solutions to help companies be efficient and smart with their purchasing," said PEX CEO Toffer Grant. "Our platform enables ExpenseWatch Visa Prepaid Card to integrate easily with the expense reporting and purchasing tools already offered by ExpenseWatch."
Earlier this year reports surfaced that travel and expense management company Nexonia had reached a deal to acquire ExpenseWatch, though financial details of the takeover were not released at the time.
Nexonia did say, however, that the purchase adds 1,200 new corporate clients to its roster.
"The combination of both firms gives us the ability to accelerate our product development and build more features," said Nexonia CEO Neil Wainwright last March.