For thoes not familiar, Troovo is a Sydney-based startup fintech that specializes in automated processing of virtual cards. In this announcement, which appears in Finextra, they indicate that there is now a B2B version of this, and it seems to integrate with multiple channels. Since I am not familiar with the firm, not quite sure what it was doing before this announcement, but from this description it covers payables automation across an enterprise.
“Troovo is proud to leverage our significant travel industry experience to deliver companies in any industry the ability to capitalize on the power of digital and virtual payments to transform their accounts payables, expense management and any B2B payment workflows,” said Kurt Knackstedt, CEO and Co-Founder, Troovo. “In a digital world, Troovo is the only technology company that provides companies the ability to streamline their complex and laborious payments systems with a scalable, easy-to-implement, fully integrated solution across any type of B2B system or workflow.”
Reading a bit more into the piece, we get back to what seems more like virtual card specialization, and essentially for travel management, which is where most of the virtual card growth has occurred outside of the USA (and to an extent, within the USA). They also mention a partnership with ConsenSys, which is another startup that works on blockchain solutions.
‘Troovo’s RPA technology is working with ConsenSys to utilize virtual payment solutions for travel-related expenses. Now ConsenSys employees can avoid putting travel expenses on their personal cards and having to request subsequent reimbursements. Troovo is also working with Consensys to integrate a live feed of Consensys’ travel bookings into a newly developed smart contracts platform being developed by Ansero, a ConsenSys company, to be launched later this year.’
It goes on to discuss robotic process automation capabilities and further development of this and that, so is a bit jumbled, but an indication of the further profliferation of digital payments solutions that are available across the globe.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
