TripActions has launched its travel and expense solution, Liquid, in Europe to replace “antiquated, analog systems”.
Already in beta test with a number of clients in Europe, Liquid is being rolled out in partnership with virtual and physical corporate smart card issuer Stripe, which is already a partner in the US.
TripActions Liquid policies are pre-set so that clients can impose spend controls upfront to prevent out-of-policy spend before it happens.
Spend controls can be based on role, expense category, business context, and other criteria.
The technology will automate and minimise the number of transactions finance teams need to review and approve expenses.
TripActions claims Liquid will reduce reporting hours up to 66% and reconciliation time up to 95%.
Smart virtual and physical cards will be issued by Stripe in USD, EUR, or GBP.
Funds will be directly deposited into travellers’ bank accounts through partner banks within one to two business days via SEPA and BACS for auto-approved expenses.
Systems will flag transactions that require attention and automatically approve and reimburse everything else.
The technology also gives corporates a real-time view of all business spend in one place.
“TripActions Liquid has averaged 34% monthly growth in transaction value this year — companies clearly can no longer afford to use those antiquated, analog systems,” says TripActions co-founder and CEO, Ariel Cohen.
“It’s imperative to have real-time visibility into spend, carbon consumption, and employee safety.”
Eileen O’Mara, EMEA Revenue & Growth Lead at Stripe, added: “Running smart corporate cards with programmatic spending controls and reconciliation across multiple countries was unfathomable just a few short years ago. We’re thrilled to see TripActions build its Liquid product on Stripe and accelerate its global expansion.”
