TripActions and Visa sign partnership for expense management solution
With increased vaccination rates raising hopes for the end of Covid-19 international travel restrictions, travel companies are partnering with payments firms to boost their digital platform for business travellers.
This week, cloud based travel and expense management solutions company, TripActions has partnered with Visa in which it will support ‘the growth of digital-first payment solutions for business travel’.
The company in its press note said that ‘as businesses have adapted to a new normal over the past year, the need for streamlined digital solutions across expense management has become more apparent’ and senior VP of Visa, Terry Angelos also added that “as economic and business recovery gains momentum, it is increasingly important for companies to have real-time visibility and transparency into their expenses”.
Last month, Visa arch rival Mastercard also partnered with Amadeus expanded partnership for virtual cards in travel.
Under this partnership, it would combine Visa’s core solutions and value-added services with TripActions platform to ‘optimize the functionality of spend management for TripActions’ enterprise customers across the United States and provide new tools to process payments safely and securely’.
TripActions spend management platform, TripActions Liquid would provide employees with a simple way to make payments while also providing a single unified platform for businesses for better control and management. It provides ‘physical and virtual cards, smart approval workflows, automated expensing and centralized billing’.
In January 2021, TripActions had raised $155 million in series E funding round at a valuation of $5 billion.