Workforce management platform Rippling, Visa, and card issuing platform Marqeta have launched a corporate card tailored specifically for Canadian businesses. Features include automatic card issuance, built-in spending controls, and comprehensive expense management.
The card launches as a new study conducted by Maru Blue in July 2024 reveals that in the past year, 31% of Canadian workers who filled out expense reports claimed personal expenses (such as personal lunches or supplies) as business expenses, while 24% of workers admitted they had inflated personal expenses for reimbursement by their workplace.
It also comes as more companies look for ways to curb spending and operating costs. A recent Rippling study found that 72.5% of C-suite leaders are even more likely to prioritize controlling operational and overhead costs in 2024, and 43.8% of finance teams spend more than half their time on administrative tasks. Finance departments using Rippling reported needing 40% fewer staff to execute the same activities, simplifying management as companies grow.
“Unlike existing corporate cards in Canada, the Rippling corporate card integrates a company’s employee records, enabling real-time spending monitoring and control, payroll linking, and custom analytics,” said Rippling COO Matt MacInnis. “Our deep platform automations enhance efficiency and cost savings. Other corporate cards don’t have access to employee records to be able to do that.”
“This system automates spend oversight, ensures policy compliance, eliminates unauthorized spending and manual tracking, empowering smarter financial decisions and saving money.”
MacInnis said Canada has limited options regarding holistic oversight and management of employee spend and expenses. Many Rippling executives are Canadian and know the need.
“We believe the business market is advanced enough to warrant and benefit from this innovation,” he added.
A comprehensive spend management solution simplifies spend management, enhances reporting accuracy, and empowers finance leaders with strategic insights. Proactive and customizable controls such as merchant and category restrictions, custom spending limits, and one-time use cards to stop out-of-policy spending before it happens. The card offers up-to-the-minute transaction monitoring, monitors current spending by department, level, or headcount, and blocks out-of-policy spending in real time.
The platform automatically issues corporate cards to new employees during onboarding and disables them during offboarding. It instantly adds new users, sets spending limits, and cancels cards with the click of a button. No personal credit checks or guarantees are required.
Expense categorization is automated and syncs with a general ledger. Also offered is no-touch reconciliation for expense management. It integrates with major accounting software, enhancing compliance, reducing administrative burdens, and promoting responsible spending.
“This solution was designed to meet the complex needs of enterprises across Canada, adding efficiency and value to their everyday operations,” said Chris Ferron, head of fintech and digital partnerships at Visa Canada. “We’re proud to work with Rippling to bring this new product to market and empower businesses with more speed, convenience, and control in the way they pay,”
