Corporate expense management solution provider Coupa has updated its platform with new features targeting compliance and fraud prevention.
The company issued a press release Wednesday (Feb. 6) announcing updates to its Coupa Business Spend Management Platform, including artificial intelligence (AI)-powered fraud prevention, global compliance controls and enhancements to supplier management and procure-to-pay functionality.
The invoice payment enhancements are part of Coupa’s expansion into the B2B payments sphere via Coupa Pay, launched late last year, while updates to Coupa Open Buy link businesses to what the company said is a “Google-like search experience” to source products and vendors. The updates also enable businesses to launch Coupa using Amazon Alexa voice controls.
Coupa is also focusing on fraud with the Coupa BSM enhancements, broadening the availability of Coupa Spend Guard which deploys AI to analyze employee spend behavior.
Further, the company has integrated new compliance capabilities for companies operating and spending across borders, including adherence to Italy’s electronic invoice mandate that came into effect at the first of the year, payment receipt clearance for companies that do business in Mexico and cash advance capabilities for companies whose employees travel to Asia and Latin America for work.
“Businesses are facing more complexity and uncertainty than ever, stemming from security and fraud risks, to evolving global compliance regulations, and more,” said Coupa Senior Vice President of Products Raja Hammoud in a statement. “The capabilities that we released today were developed in response to conversations with customers who navigate this landscape every day. These innovations deliver against our mission to continuously set the innovation agenda for our industry and make business spend management simpler, safer, and smarter for companies everywhere.”
Coupa introduced Coupa Pay in November of last year alongside a partnership with Barclaycard to integrate virtual card functionality into the supplier payments platform. Last month, JPMorgan announced it had signed on to partner with Coupa and also support issuance of single-use virtual cards into the platform.