New York-based Teampay and California-based SVB collaborated prior to the latest arrangement, first working together in 2017, the release stated. Teampay touts its spend management platform as a way to control costs proactively and provide real-time spending visibility.
“Through this integration, Teampay customers can now leverage their existing SVB credit line through the Innovators Card, while using all the benefits of Teampay’s spend management platform,” the release stated, adding the companies also have entered into a referral arrangement.
Describing the new service offered by Teampay and SVB, the release stated: “After routing approvals based on company policy, Teampay automatically issues virtual cards that leverage the organization’s SVB credit line. The SVB virtual cards are controlled by amount and vendor to ensure compliance. Additionally, transactions are automatically reconciled in the customer’s ERP, giving finance real-time visibility into spend.”
Teampay CEO Andrew Hoag said in the release: “Our new integration with SVB’s Innovators Card further expands the options for customers to choose the right card program that works best for them. It also makes the onboarding process to our platform quick and seamless.”
SVB Managing Director of Card Products Jon Oakes said in the release: “We built the Innovators Card to help fast-growing companies meet their business needs, and our long-standing partnership with Teampay gives customers a modern purchasing experience combined with card controls and real-time visibility.”
According to payments industry players, one effect of changes wrought by the pandemic will be the use of new employee spending policies made necessary by remote work.
Assessing the situation in August as companies were learning to adapt to new work arrangements, Conferma Pay CEO Simon Barker told PYMNTS: “Old-school methods of managing expenses became infeasible when lockdown mandates issued in March sent individuals across the globe to work from home. This has created demand for digital spend systems to support the new work-from-home ecosystem. Payment decision-making is often centralized, but five months into [the pandemic], the controls you need to decentralize payments have to be put in place.”
Selected by EFXA