Fundtech partners with WebExpenses to deliver expense management SaaS

June 8, 2011  |  Electronic Invoicing

Fundtech Ltd (NASDAQ: FNDT), a market leader in global transaction solutions for banks and corporates, today announced a partnership with WebExpenses, a flexible and powerful service for managing business travel and entertainment expenses that is currently used by thousands of employees in more than 60 countries.

Fundtech’s branded version called Online Expenses will be offered to its current customer base of more than 2,000 direct corporate clients, as well as future customers. As part of the partnership arrangement, WebExpenses will promote Fundtech as their preferred supplier of electronic invoicing presentment and payment (EIPP) services.

Available as Software as a Service (SaaS), Online Expenses is a quick and easy solution to setup and use without the need to install new software. It gives organisations the flexibility to easily revise their expenses policies and reinforce them as frequently as needed. Easy-to-use reporting and analysis tools provide better visibility and control for managers and auditors, which have the ability to reduce fraud. Improvements can also be made on country-by-country tax compliance and client recharging.

For employees/claimants, expenses can be submitted quickly using an intuitive web interface or populated directly from a credit card statement. The system also supports receipt attachments and SMS, iPhone and Blackberry applications are also available. Online Expenses includes mileage verification tools that enable business travelers to calculate their carbon footprint by using up-to-date carbon and environmental data at the point of entry.

“There is a natural synergy between Fundtech and WebExpenses and we are delighted to announce our partnership,” said Richard Cogswell, Sales & Marketing Director for Fundtech. “Just like our Accountis EIPP product line, Online Expenses offers businesses of any size the ability to replace slow, inaccurate paper processes with an automated and accurate process that is a greener alternative. At a time when all organisations are looking to lower operational costs, Online Expenses provides a way to save time and money.”

Sanjay Parekh, Managing Director of WebExpenses commented: “Our partnership with Fundtech is a significant development for WebExpenses and a great endorsement of the value and benefits of our services. WebExpenses already serves a range of businesses and industries, predominantly in the UK, and this partnership will dramatically increase our current global reach through Fundtech’s substantial and eminent client base.”

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