Intelligent Spend Management from SAP has been helping finance and procurement leaders worldwide holistically manage spend, across every source- direct and indirect, travel and expense, services and external labor- and every category.
HDFC Bank India, MasterCard, and SAP Concur have collaborated to support the corporate sector by providing spending management services through a corporate credit card for business travellers. The joint-innovation will provide a one-stop solution for payment and expense management during business trips.
The corporate credit card, supported by MasterCard and to be provided by HDFC Bank, will enable a seamless integration of all business-related spend into SAP Concur offerings. The new solution is anticipated to enhance employee experience, increase visibility, save money, and improve efficiency.
“The corporate credit card will enable seamless integration of all business-related spend into SAP Concur offerings, enhancing employee experience, increasing visibility, saving money, and improving corporate efficiency,” the press release said.
“Corporates can gain greater insights and control while ensuring regulatory and tax compliance through this solution. Together with SAP Concur solutions, we aim to reinvent the way Indian corporates experience business travel,” said Parag Rao, Country Head (Payments Business and Marketing) of HDFC Bank.
HDFC Bank is India’s leading private sector bank that offers personal banking services such as accounts & deposits, cards, loans, investment & insurance products to meet all banking needs. One of the first institutions to receive approval from the Reserve Bank of India (RBI) to set up a private sector bank in 1994, today, HDFC Bank has a banking network of 5,345 branches and 14,533 ATMs spread across 2,787 cities and towns in the country.
SAP Concur, the world’s leading provider of integrated travel and expense management services and solutions, serves 48,000 customers in over 150 countries including over 75% of Fortune 100 and 500 companies, and more than 58.1 million end-users. It helps organisations’ leverage technology to connect spend data, and create intelligent spend management workflows as spend management becomes more complex.
According to SAP Concur’s Managing Director (Indian subcontinent) Mankiran Chowhan, with SAP Concur, the company is able to help its customers build an intelligent spend management platform by automating and integrating travel, expense, and invoice management. He added:
“This enables them to uncover valuable spend data, simplify processes, and make smart decisions. Using our joint solution, organisations can make strategic decisions based on insights unique to their business and gain a consolidated view of their budget, drive control on how employees spend money, automate payments to speed up processing, and ensure compliance and data accuracy.”
Meanwhile, Division President (South Asia) of MasterCard Porush Singh has shared that the new corporate card solutions benefit business travellers in terms of convenience and security. The solutions allow users access to enhanced features for traveller convenience and increased protection against fraud including in-built proprietary tools. Singh said:
“It will help to capture and consolidate accurate financial reporting to enable deep analysis for greater cost savings.”
As spend management requirements grow more complex, an Intelligent Spend Management that is automated and integrated will help businesses thrive.
HDFC Bank’s corporate card has started to unlock the capabilities of the Intelligent Spend Management. Much like how the American Express had collaborated with SAP Concur to streamline the complex vendor payments process.
Today, American Express Business or Corporate cardmembers can access the American Express B2B Payments app, which allows them to integrate their payment information directly with Concur Invoice, a cloud-based B2B invoice management solution that syncs with most ERP and accounting systems to automate accounts payable.