Distributed spend management platform Teampay will be integrating with Ironclad, a digital contracting platform, to help connect financial and legal workflows and streamline spend management, according to a Wednesday (Oct. 28) press release.
The integration and streamlining will help to ensure employees are compliant with policies, removing the responsibility previously placed on individual business owners who were expected to memorize complex and varied policies, systems and procedures on spend management. Previously, the release notes, companies needed a contract to be signed. Now, if a contract is needed, Ironclad's platform will handle it automatically.
The single and simplified solution is a good strategy because of the bottom-up nature of purchasing decisions, where every employee has the ability to buy the tools they need.
Ironclad Chief Customer Officer Wyeth Goodenough said the platform was "forward-thinking" and would help to engender transparency on such a new digital offering.
“As a forward-thinking digital platform that fosters transparency and collaboration between departments, we’re excited Teampay is now so tightly integrated with Ironclad,” he said, according to the press release. “The integrated solution will power faster, more integrated business systems.”
Teampay Founder and CEO Andrew Hoag said Ironclad "shares Teampay’s vision for automating and simplifying complex business processes while delivering a world-class end-user experience,” according to the release.
“This integration marks a strong step forward for Teampay in connecting the many systems that support the purchasing process, and enabling them to work together to power more agile operations," he said.
Simon Barker, CEO of Conferma Pay, recently spoke with PYMNTS about the outdated nature of many spend management systems. As those systems were once centralized in physical buildings, the challenge in the pandemic era is adapting them to fit the new digital work-from-home mode. The most recent Playbook said subscription models and virtual cards were among the new solutions used to help expense management stay up to date.