BCd adds pay platform
BCD Travel has announced the launch of a new BCD Pay system which promises to “transform travel and expense spend management,” with the platform built using artificial intelligence, machine learning and open APIs to “simplify, digitise and automate corporate travel payment, reconciliation and invoice management”.
The company cited a recent poll of clients finding more than 50% of customers still struggle with missing invoices, receipts, credit card reconciliations and managing the quality of expense data.
Clients who subscribe to BCD Pay will utilise a so-called “Smart Payment rules engine” to simplify the management of payment policies and spending limits across various traveller segments.
“At BCD Travel, our vision is to remove the friction and pain points experienced by travellers, travel managers and finance teams related to their travel and expense payment, invoices, reimbursement and reconciliation,” said BCD VP Digital Payment and Expense Products, Ajay Singh.
“BCD Pay eases the burden of travellers, who are looking for a simple process with no need to make payments or expense claims,” he said.
The company said BCD Pay provides seamless orchestration of payment, invoices and receipts during a trip, with an automated console allowing users to review, reconcile and audit T&E spend management, invoices, receipts, credit card and expense transactions.
Pilot testing of the platform had shown a 75% improvement in the cycle time of data ingestion, reconciliation, reporting and data integration across the fragmented ecosystem of various back office, ERP systems and credit card issuer platforms.