Digitization of financial processes was the overriding theme at two recent conferences we attended (CPI Global and AFP 22). These conferences primarily addressed B2B use cases, although the sessions ran across various associated topics. How can digital capabilities change things?
In this particular release, we look at Ramp, a New York City-based startup that formed only 3 years ago. Ramp is expanding its product offerings reach to the international space. The company has solutions from corporate cards and expense management to bill payments and accounting integrations. These solutions are designed to save businesses time and money with each use. It increases the global digital capabilities for businesses.
Ramp has features for bill payments, short-term bill financing, and employee reimbursement products. Ramp clients can now consolidate several items. This includes international and domestic spend, pay international vendors, and reimbursing international employees for out-of-pocket expenses in their local currency.
The piece suggests that a strong dollar is making U.S. based companies conduct more cross-border transactions. The company places a high priority on the middle market, where, according to a referenced study within the piece, strong business growth continues in the post-pandemic business paradigm.
Getting working capital under control and efficient management of expenses is rising to the top of corporate expectations, especially in the competitive labor market. Another consideration is providing a simpler employee experience in their daily travel and other work efforts. It’s yet another example of why fintechs are innovating in this space, as cross-border payments and processes are an important part of corporate future growth plans.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group.