The capability, achieved through partnering with major credit card companies, will allow for virtual cards that let companies redeem cash-back savings without the lack of control of a regular physical card that could lead to fraud. Spend limits can be applied at the line level, the press release says.
JPMorgan and Discover virtual cards have been in use already, and JAEGGAR plans to introduce more companies’ cards into the suite down the line, the release states.
The 20.1 software suite is intended to provide further updates to the company’s goals of making it easier for users to manage B2B spending and see where the money is going.
The press release states that the new suite comes with “additional visibility, insights and compliance management.” It comes with a new easy-to-use interface with better navigation, and a “Smart Assistant” that allows users to type in questions, including specific business inquiries about RFQs and other functions, and get answers without having to go through multiple clicks and web pages.
Also included in the 20.1 suite is an enhancement to the budget management tool, which will improve upon users’ abilities to track their non-PO spending before approval.
The new enhancement will let users decide when they want to collect spend, and let them see spending in a number of documents including requisitions, orders and invoices at any stage of the workflow process.
The suite will also come equipped with a better analytics functionality, including the new P2P dashboard to help with PO, invoices, requisitions and workflows. Customers will be able to create their own reports where they can define the particulars and the points of interest, including average time it takes to complete a workflow, catalog compliance value and the amounts and costs for invoices, among other things.
JAEGGAR CEO Jim Bureau said the point of tri-annual updates to the company’s suite is to give people “tools to retain cash, reduce costs where possible by exercising greater control over spend, and identify new supply chains to mitigate risk.”