Singaporean FinTech Finaxar has announced the launch of its Flex by Finaxar program, which will work with Visa to help small- to medium-sized businesses (SMBs) unify spend, payables and receivables, according to a press release.
The idea is to help SMBs control everything related to spend under a single platform, which will let them regulate their spending and set up request-approval workflows and customized spend limits, manage spending through monitoring invoices and reconciling payments on the same platform, and track transactions with real-time insights, the release stated.
Vihang Patel, co-founder and CEO of Finaxar, said the companies has "realized that businesses are challenged by slow transaction times due to manual administration of invoices, payments and receivables. This impacts their cash flow and overall responsiveness to business demands.
An SAP Concur study found that the Asia Pacific region could face losses of up to $21.5 billion per year because of inefficient finance and administrative processes. That number comes out to around $340 million a year for companies in Singapore, the release stated.
And while many companies have begun implementing digital methods of payment, the old traditional ways still hold, with a survey finding that 49 percent of respondents didn't like the amount of time it currently takes to work with such matters, according to the release.
"Developing Flex by Finaxar was our natural next step in creating a unified platform, and tapping on Visa’s strong global payments network and ecosystem, we can solve the challenges faced by [SMBs] and provide them working capital to address their needs," Patel said, according to the release.
Modernizing corporate spend could be the solution to businesses' issues, PYMNTS reported, with digital spending the new way to help support a system based around working from home.
“Countless digital spend management solutions have entered the market to meet this growing demand," PYMNTS reported. "Some have taken the form of subscription offerings, which give businesses greater transactional visibility by allowing them to view their staff members’ past, current and planned expenditures in real time.”