Stampli Announces New Corporate Card To Stop Shadow Spend
MOUNTAIN VIEW, Calif., Oct. 20, 2021 /PRNewswire/ -- B2B Fintech Stampli, a leader in Accounts Payable (AP) automation, announced the launch of its new corporate card, the Stampli Card, an extension of its AP Automation platform. One of the most significant issues facing Controllers and AP teams is the rise of "Shadow Spend," where corporate procurement policies to obtain proper approvals and authorization for spend are avoided by placing purchases on a corporate credit card for online subscriptions and purchases, leaving AP teams lacking visibility into these credit card purchases until the monthly statements arrive. Consequently, this disrupts the entire procure-to-pay process and controls put in place by AP to ensure proper oversight and authorization into all company spend. To rectify this disruption, AP is forced into a manual and time-consuming process to determine who made the purchase and what it was for, verifying approvals, hunt down the proper documentation, and manually enter in their financial system to close the books. The Stampli Card was designed to stop shadow spend before it happens, giving AP the control needed to properly manage all spend regardless of the payment method by bringing corporate cards and invoices management together, all-in-one place.
The Stampli Card is built on top of Stampli's award-winning AP Automation platform. AP teams can issue, limit, suspend and cancel cards on-demand. With AP controlling card issuing, the proper approvals and controls happen in advance of any transactions, such as who is authorized to make the purchase, how much they can spend, what they can spend it on, and how often they can use the card (one-time, multiple-times, or cyclical). AP can also pre-define specific fields such as GL-coding, vendor, and more to ensure the proper cost allocations.
Stampli Card transactions are automatically captured and processed like invoices inside Stampli. Stampli automatically matches transactions to uploaded receipts and reminds cardholders to provide supporting documentation as needed. Everything is then synced directly to the organization's financial system of record, directly from Stampli.
"Stampli's mission has always been to provide Controllers and their AP team full control and visibility over all the company spend, regardless of the payment method," said Eyal Feldman, CEO, Stampli. "Payment methods should not determine the process. AP determines the process. We wanted to fix this overused corporate 'Shadow Spend' hack for our customers and give them back the control they need to their jobs."
"WEX is proud to be the embedded payments solution powering Stampli Card," notes Jay Dearborn, President, Corporate Payments. "We bring the scalability and ease of integration that matches Stampli's drive to innovate and quickly bring new solutions to market. They're an exciting company to collaborate with and we look forward to future developments from this partnership."
Built the Stampli Way, where flexibility, collaboration, and automation are center stage with the Stampli Card, giving AP teams the control they need to:
- Manage Invoice & Credit Card Spend All-in-one place. Whether a purchase is invoiced or placed on the Stampli Card, Controllers and AP teams now have complete visibility and control into all transactions as they happen in one centralized location, one system, one user experience.
- Create cards on-demand with proper controls and approvals. Set controls at card issuance of who can use them, amount limits, usage parameters (single-, multi-, or cyclical-use), vendors, or purpose.
- Instantly suspend or cancel cards as needed to control misuse or violation of company policies.
- Automated reminders, receipt matching and collection of supporting documents. Stampli matches uploaded receipts to credit card transactions, and cardholders are automatically notified and can easily add supporting receipts.
- Automatic capture and syncing of card transactions to Stampli and financial system. The Stampli Card is built on top of Stampli's AP Automation platform, which directly integrates to a company's financial system to ensure all relevant card transaction details, including pre-define GL-codes and other line items, are properly allocated in the system of record.
To learn more about the Stampli Card, visit www.stampli.com/card.
Stampli has raised $87 million in funding to date, has offices in Mountain View, Nashville, Kiev, and Tel Aviv, and processes over $26 billion worth of invoices annually. Stampli was recently named to CB Insights Fintech 250, recognized as Best Company Work-Life Balance by Comparably, and named a leader in G2 Grid® for AP Automation nine times. Stampli has previously been designated one of the Top 50 Most Promising Startups in Israel, awarded The Best AP Solution from Fintech Breakthrough for 2021, named The Best AP Automation Company in the USA from New World Report.
About Stampli
Stampli is a complete AP automation platform that brings together accounts payable communications, documentation, corporate cards, and payments all in one place, allowing AP to have full control and visibility over corporate spending. By centering communications on top of the invoice itself, AP departments collaborate and communicate better with approvers, vendors, and anyone involved with purchases, allowing approvals to happen 5x faster. In addition, Stampli's AI, Billy the Bot, learns an organization's unique patterns to simplify GL-coding, automate approval notifications, identify duplicate invoices, and reduce time spent on manual data entry. Stampli's flexible platform fits seamlessly into any existing processes and integrates with financial systems, including NetSuite, Sage Intacct, QuickBooks, Microsoft Dynamics, SAP, and more. For more information, visit www.stampli.com.
About WEX
WEX (NYSE: WEX) is a leading financial technology service provider. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. WEX has offices in 14 countries and employs approximately 5,400 people around the world. Learn more at LinkedIn, Facebook, Instagram, Twitter, and our corporate blog. For more information, visit www.wexinc.com.
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