Teampay launches corporate cards in partnership with Mastercard

With commercial payments adoption rising, the employee spend management platforms are launching corporate cards to reduce manual work for businesses as well as have greater visibility of expenses of employees.

This week, New York-based spend management platform, Teampay has partnered with card giant Mastercard to launch a digital corporate card solution, Catalyst by Teampay.

The solution launched by the company will be built upon the technology provided by Mastercard. The card when issued to its users can be put on the client’s mobile wallet and can be used for purchases online, in-app and at point of sale and the corporate card will also be issued in physical form.

The solution will have features such as car rental and travel insurance, purchase protection, Mastercard ID Theft Protection, concierge services which according to the press note will be combined with Teampay’s spend management software.

Late last year, BBVA launched commercial cards to simplify business spends while this year, AccessPay and Yapily partnered for corporate cash management.

“The role of digital has forever transformed the way we transact and has shifted the expectations for quick and simple payments,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.

The finance teams issuing these cards for their company’s employees would be able to have real-time visibility into Catalyst purchases and automated reconciliation into their accounting systems which ultimately reduces the burden on finance teams on manual work of receipts and reconciliation of bills.

Teampay is a spend management platform company that gives its client companies a platform to have spending control, collecting data and real-time visibility over finances.