BCD launches new payment and expense management platform
BCD Travel has launched a new corporate travel and spending platform designed to create what the travel management giant has described as a “frictionless digital payment experience from travel booking and payment to reconciliation “.
Available now to customers as an add-on subscription, the new BCD Pay is a suite of solutions that provides functionality around travel payment, reconciliation and invoice management, all of which are top priorities for businesses. responsible for business travel and expenses as travel resumes. -Covid, BCD said, citing internal customer research.
On the payments side, BCD Pay can integrate any form of payment chosen by a corporate customer, including physical and virtual cards, into a customer’s preferred online booking tool. Once loaded, the correct payment method is automatically applied to each booking according to a policy rules engine that also allows managers to set spending limits and other controls. BCD Pay will also offer the option of integrating cards into mobile wallets for travel expenses in the near future, BCD said.
Post-payment, the platform’s expense management features include automated invoice management and reconciliation tracking, as well as a data dashboard to track costs and glean insight into spending behavior. trip. API-based integration capability allows spend data to flow into expense management, enterprise resource planning, and other third-party systems.
BCD Pay’s features have been designed to address key issues faced by its business travel customers, the TMC said. A recent BCD survey found that more than half of customers had issues with missing invoices and receipts, credit card reconciliation, and the quality of spend and expense data. Meanwhile, more than 25% of customers cited challenges in managing payments for non-employee meetings, events and travel, especially with the post-Covid boom in hybrid work.
From a travelers’ perspective, transparent expense reporting and payment processes that avoid paper receipts and manual reports are highly desirable, a BCD study found.
During pilot testing, BCD Pay helped speed up end-to-end data ingestion, reconciliation, reporting and integration cycle times by 75%, the company said.