Spend Controls Fuel Commercial Card Innovation

Spend controls were the focus of innovation in the commercial card space this week thanks to feature and program launches.

This week’s commercial card innovation tracker includes a rollout of the next generation of authorization controls from Comdata Inc., as well as the launch of the Flex by Finaxar initiative from Finaxar.

Comdata Launches Next Iteration Of Enhanced Authorization Control

Comdata Inc., a FLEETCOR company, rolled out the next iteration of Enhanced Authorization Controls, according to an announcement.

The newest version brings together tank capacity, in-the-moment truck location and tank-level information into the fuel card authorization flow to assist in preventing monetary losses connected with driver theft and card fraud.

The firm says that the new product connects vehicle location, vehicle diagnostic information and merchant location with Comdata’s fuel card authorization platform. Fleet managers can create tailored rules that will be applied at the time the system is triggered by suspicious activity.

“The trucking industry is especially vulnerable to fraud at the pump, costing businesses millions of dollars each year,” said Eric Dowdell, president of North America trucking for Comdata. “Our enhanced authorization system is reliable and trusted, and we look forward to enhancing these capabilities over time to help meet the evolving needs of our customers.”

Finaxar Teams With Visa On SMB Spend Management

Finaxar, a Singaporean FinTech, has rolled out its Flex by Finaxar initiative that will work with Visa to assist small- to medium-sized businesses (SMBs) in harmonizing expenditures, receivables and payables.

The idea is to assist SMBs manage everything that is connected to spend in one platform that will allow them to manage expenditures in addition to creating request-approval workflows as well as tailored spend restrictions, among other features.

“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,” Finaxar co-founder and CEO Vihang Patel said in an announcement.

The news comes as an SAP Concur study determined that the Asia Pacific region could encounter as much as $21.5 billion annually in losses due to ineffective finance and administrative procedures.

Coupa Connects With American Express For B2B Virtual Card Payments

American Express is collaborating with Coupa on a new relationship to harness virtual cards for the Coupa Pay business-to-business (B2B) solution.

Coupa Pay will be available to AmEx virtual card clients through a move intended to simplify old payment procedures.

Users can link their qualified business accounts from American Express into the solution. After that time, virtual cards can be transmitted to the authorized vendors.

J.R. Robertson, vice president of Coupa Pay at Coupa, said in a press release that COVID-19 has made widespread telecommuting policies necessary. As a result, business payment procedures that are non-automated and disjointed “are no longer an option.”

“With Coupa Pay, Coupa and American Express are making it easier for our joint U.S. customers to thrive in this challenging environment by empowering them to pay using virtual card technology,” Robertson said.

Mastercard Adds B2B Payment Functionality With Commercial Cards

Mastercard has added new B2B payment functionality in the Asia Pacific, which is meant to strengthen its offering for companies seeking diverse ways to pay.

The Mastercard Track Card to Account Transfer will allow firms to harness commercial cards to make payments to vendors, who don’t have to accept payments by card themselves.

The new payment function will assist in automating payments and bolstering cash flow management.

“Particularly in these difficult times, it’s critically important for businesses to have flexible and dependable payment options to keep commerce flowing throughout the supply chain,” said Mostafa Sabet, vice president of product management for Asia Pacific at Mastercard.

Brex Hires Former Spotify Exec For CMO Role

Brex, which offers companies access to a corporate card and cash management account, has appointed a former Spotify marketing executive as its new chief marketing officer (CMO).

June Sauvaget will harness her in-depth experience in building out brands “to redefine what B2B customers can expect from their finance software,” according to an announcement.

Brex Co-CEO Henrique Dubugras said in the announcement that Sauvaget’s “very strong consumer DNA will be transformational for our growth plans to connect with a broader set of businesses.”