Coupa Software (NASDAQ: COUP), a company specializing in business spend management, has announced a collaboration with HSBC under its Coupa Pay offering.
Commencing with virtual cards, the collaboration will offer European firms with access to a quick, seamless, and secure way to manage payments as part of their Business Spend Management strategy.
The demand for safe B2B payment methods continues to grow “as more companies adopt remote work policies and continue to fight fraudulent activity on traditional payment rails.” Virtual cards help businesses “get full visibility and control into pre-approved spend and streamline reconciliation, helping finance and procurement teams be more efficient and productive.”
Roger Goulart, EVP of Business Development and Alliances at Coupa, stated:
“We’re thrilled to welcome HSBC to the fast-growing Coupa Pay global partner ecosystem that is empowering European businesses to create more modern payments processes. The availability of HSBC virtual cards on the Coupa platform will ensure customers have all the benefits of virtual payments, including speeding up payment processes and improving liquidity and working capital.”
Brian Tomkins, global head of Commercial Cards at HSBC, remarked:
“The integration of HSBC Virtual Card products into Coupa Pay’s ecosystem brings together the operational efficiency, security and working capital benefits of our virtual cards with the digital procurement and payables automation of Coupa’s spend management software. We have already seen a number of customer requests to take advantage of the integrated solution as they are increasingly looking to digital solutions for operational efficiency and supply chain resilience, allowing them to focus on growing their business.”
Using Coupa Pay with HSBC, firms can reduce friction and enhance efficiency in accounts payable processes. They are able to generate insights on company-wide spend to “make better decisions, manage risk more effectively, and optimize liquidity and working capital in a cost-effective way.”
The announcement also mentioned that virtual cards help to “enhance corporate responsibility and supply chain resilience, by supporting smaller suppliers, safely sourcing from new vendors, and establishing operations in new markets.”
David Moore, finance director at Saga, said:
“Coupa has been a key part of our digital transformation journey, which is an important pillar of Saga’s future growth strategy. Thanks to this new collaboration between HSBC and Coupa, we are now able to have greater control of our spend and can streamline one-time supplier onboarding through the use of HSBC virtual cards, powered by Coupa Pay.”
As noted in a release, Coupa is the Cloud-powered Business Spend Management (BSM) platform that “unifies processes across supply chain, procurement, and finance functions.”
Coupa empowers organizations around the world to “maximize value and operationalize purpose through their business spend.”
As mentioned in the update, HSBC’s Virtual Card program “help corporations of all sizes to streamline expense management and payment processes both at home and overseas.”