Danish B2B FinTech Cardlay said it has integrated its Payment Cloud solution with Concur Expense, the company announced Wednesday (June 1).
According to Cardlay, the solution lets businesses that use the SAP Concur Portfolio “benefit from an integrated, carbon-neutral and secure virtual card offering without changing their current bank relationship.”
Cardlay said the Payment Cloud supports real-time virtual card issuance, giving companies a quick, sustainable and secure way to pay for what they need.
“We have followed the development of virtual cards closely for the last few years, and we anticipate that within the next 3 years, 40% of all commercial cards will be virtual,” said Cardlay CEO Jørgen Christian Juul. “We are incredibly proud to take part in driving this movement and to see the integration live and solving real challenges for corporations is beyond amazing.”
The company said the integration is built on advanced APIs in the core of the existing banking infrastructure, allowing for a plug-and-play set-up for the customer that lets them choose their preferred financial institution.
In addition, businesses that use Concur Expense can request and access virtual payment cards with no extra set-up. These cards can be added to a mobile wallet. Once the card is used, transaction data is automatically sent to Concur Expense, enriched with data tied to the transaction. Managers can approve or deny new cards and install spend controls.
Read more: Denmark’s FinTech Cardlay Closes $6M Financing Deal
Earlier this year, Cardlay received a $6 million cash infusion, which Juul said would allow the company to more than double its number of employees in 2022 and 2023.
“The capital injection makes up a fantastic boost from our current investors who really show their unconditional faith in and support for our growth strategy,” he said.
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