Smart, Seamless Payment Technology Captures and Centralizes Far-Reaching Spend Elements
COLOGNE, Germany, August 04, 2022–(BUSINESS WIRE)–HRS, the leading global corporate travel and payment technology platform, announced the acquisition of Germany-based Paypense, enhancing HRS’ growing compilation of efficient corporate payment offerings. Only two years since launch, Paypense’s open platform has already made inroads with a broad range of corporations, enabling employees to use digital payment technology to pay for all work-related purchases. This smarter solution ensures compliance to budgets while also capturing relevant data for auditing, steering and even sustainability metrics.
"HRS Pay, reinforced by years of proprietary investments and our 2021 purchase of Itelya to propel the digital transformation of payment, is taking the next step in delivering an exceptional 'in destination experience' for corporate employees," said Tobias Ragge, HRS CEO. "Paypense provides intelligent spend management services for managers and employees alike, whether they are on the road for weeks at a time or supporting a one-day, off-site event that doesn’t require travel. This acquisition represents a new milestone for HRS Pay as we continue to focus on elevating employee satisfaction."
The employee satisfaction component is critical to driving the successful deployment and ongoing use of spend management technology. Recent research from the Global Business Travel Association, inclusive of feedback from 600+ procurement executives and nearly 2,500 business travelers, found that 85 percent of respondents said that the ease of completing expense reports, ease of expense approval process and speed of reimbursement are important to spend management..
Paypense’s Broad Array of Controls and Efficiencies Redefine Spend Management
Leveraging automated intelligence and auto-approved, in-policy purchasing, Paypense dramatically reduces concerns about what items an employee may acquire. This elegant solution appeals to accounting and procurement managers, as Paypense effectively ensures the right amounts are spent on the right kind of purchases, every single time.
The under-the-hood approach to managing virtual technology and secure connections to a company’s preferred banking institutions makes this seamless to employees who crave simplicity in all expense-related processes. Other Paypense highlights include:
The provision of pre-approved budgets in real time to individual employees, groups, or job candidates via Paypense’s patented "matrix approval engine." Functionality also allows for the approval and dispensing of increased allocations for emergency scenarios;
Mobile app capabilities that facilitate tracked purchases by the employees, without him/her ever having to use their own funds;
Automated receipt acquisition for common online portals used by employees, including air, rail, hotel, auto, ridesharing, phone and other prominent suppliers; and
Leveraging supplier and localized data, Paypense captures the CO2 emissions of individual expenses, a vital element for companies taking steps to reduce their carbon footprint.
"With our open platform, we’ve introduced a unique differentiator for the provision of virtual credit cards for pre-approved expenses," said Christopher Hecht, founder and CEO of Paypense. "It’s clear from our industry engagement that there is an appreciation for our approach. We’re working in concert with expense providers and financial institutions, not competing with them as we transition from expense management to spend management. And with all parties squarely focusing on enhancing the employee experience, we’re increasing satisfaction even as we uncover new avenues of payment efficiency."
"Complemented by this acquisition, HRS Pay now offers truly holistic spend management solutions covering not only travel-related spend, but also non-travel, localized spend that accounts for significant expenses," said Kurt Knackstedt, Chief Growth Officer for HRS Pay. "With the full integration of Paypense, our complete end-to-end spend management platform provides unmatched visibility of level-3 data, multi-category invoice digitization, and superior VAT reclaim automation – all available globally via any payment provider. Given these cumulative capabilities, HRS Pay is uniquely positioned to deliver the consummate payment solution for Fortune 500 multi-national companies."
Paypense’s employees will officially become HRS Pay employees when the acquisition formally closes in August. Christopher Hecht will join the HRS Pay team as Chief Product Officer, overseeing development and working collaboratively with clients, partners and employees to enrich HRS Pay solutions moving forward.
HRS Pay solutions will be featured at the upcoming Global Business Travel Association conference in San Diego on August 14-17 at the HRS booth (# 3229). Paypense is also one of an exclusive few new technologies to be selected for the Innovate event in New York City on October 24.
HRS is reinventing the way businesses and governments work, stay and pay in today’s dynamic global marketplace. HRS’ advanced platform technology is extending its reach beyond hospitality to meetings, office space management, payment efficiency and crisis recovery. Beyond cost savings in the global post-pandemic economy, HRS clients gain from an unrivaled focus on essential aspects including safety, security and satisfaction. HRS is also recognized for its award-winning Green Stay Initiative, technology that helps corporate hotel programs achieve their NetZero targets, and its groundbreaking Crew & Passengers Solution, which leverages automation to elevate experiences for air and rail operations. Founded in 1972, HRS works with 35 percent of the global Fortune 500, as well as the world’s leading hotel chains, regional hospitality groups and payment providers. More information at www.hrs.com/enterprise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005440/en/
HRS Global Media Relations
The jump from $1/litre earlier to almost $2/litre today is not sitting well with anyone. Before you trade in your car for a bicycle, we have some unexpected, great news…
Every investor in Artis Real Estate Investment Trust ( TSE:AX.UN ) should be aware of the most powerful shareholder…
With its stock down 53% over the past three months, it is easy to disregard Stakeholder Gold (CVE:SRC). However, stock…
The move comes less than five months after Amazon said it would temporarily pull workers out of its nearby offices at the former Macy's building.
Buying your first home is a major life milestone that also comes along with a whole new set of knowledge you will need to acquire. That's why it's important that when it comes to making renovations –…
Even as remote work grows in popularity, some Triangle tech companies are still investing heavily in office space. Here's why.
Russia's services sector expanded in July at its fastest pace in more than a year, a business survey showed on Wednesday, as strong domestic demand outweighed slumping export orders for Russia's increasingly isolated firms. The S&P Global Purchasing Managers' Index (PMI) rose to 54.7 in July, its highest since June 2021 and up from 51.7 in June this year, pulling further clear of the 50 mark that denotes expansion. "The rate of output growth was the fastest for just over a year, with activity supported by a sharper upturn in new business," S&P Global said in a statement.
Recap — Here's what you missed at Black Tech Week.
This year's class includes professionals from health care, tech, science, hospitality and nonprofit sectors, among others.
Thank you to the team at Nasdaq for recognizing Paychex and our 2022 Worlds Most Ethical Companies recognition this week in the center of NYC’s Times Square!
Consumers pull back on spending during downturns–but there are still small luxuries and strong brands that people will make room for in their budget.
Most small businesses fund their startups with self-funding, investor or loan resources. However, these are not the only funds available to small businesses. Here It Is: Our 2022 Small Business…
Proof of Learn co-founder and CEO Sheila Marcelo joins Consensus 2022 to introduce Proof of Learn and its role on the journey from Web2 to Web3.
This month's Social Security payments are on their way via direct deposit, but those expecting a check via mail always run the risk of it coming a little later. Every once in a while, your check can…
Translation: You need to grab hold of every opportunity you can to make it happen. Your opportunity to join our inaugural cohort — the Startup Battlefield 200 — ends tomorrow. Don’t miss your chance for a 100% free VIP experience — at TechCrunch Disrupt on October 18–21 in San Francisco — which can help you build better or even launch your startup on a global stage.
It's clear that remote and hybrid work are here to stay — the pandemic forever changed the way many companies do business. A recent Deloitte report found that slightly over half of companies won't permit employees to work in locations in which the company isn't already established for tax purposes. Mosey offers customers automation tools designed to help U.S.-based companies hire workers remotely and stay compliant, leveraging a database of reporting requirements for all 50 states.
Sorry, Whopper fans.
Paramount Global CFO Naveen Chopra indicated streaming losses would total about $1.8 billion this year, higher than Wall Street expected, but stuck to the company’s target of peak DTC losses in 2023. The business lost $901 million in the first half of this year. Chopra anticipated the same in the second half given a choppy […]
Citi reiterates a Buy rating on the stock, but lowers the price target to $125 from $165 to reflect the macroeconomic challenges the company has to navigate.
An ISM barometer of business conditions at companies such as restaurants, hotels and retailers rose to a three-month high of 56.7% in July, suggesting Americans are still spending plenty of money and the economy is still expanding.
Smart, Seamless Payment Technology Captures and Centralizes Far-Reaching Spend Elements