Kurt Knackstedt, CEO and Co-Founder, Troovo

Sydney-based B2B payments processing company for the travel industry, Troovo announced the launch of a complete, end-to-end solution that will automate enterprise payments across any ERP system, credit card processor, bank or currency. Trovo makes use of its rules-based Robotics Process Automation (RPA) technology to help companies integrate their disconnected vendor payment systems, expense management platforms, paper-based payment processes and accounting platforms while eliminating payment fraud, labour costs and errors.

“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 workflow,” said Kurt Knackstedt, CEO and Co-Founder, Troovo. “In a digital world, Troovo is the only technology company that provides businesses with 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.”

With an increased scale of digital transactions forecasted for 2019 and virtual card spending expected to surpass $1 trillion by 2022, Troovo aims to capitalise on these opportunities. The company has expanded over the past 18 months while adding new customers and partner amongst payments provider WEX and blockchain technology ConsenSys.

Troovo is working with ConsenSys to streamline its reimbursement process for their employee’s travel. Troovo intends to do this by integrating 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.

Troovo’s RPA is at the centerfold of this partnership which allows ConsenSys Travel to solve a major hurdle in the company’s travellers – the need to put hotel charges on their personal cards and then submit them for reimbursement – while also driving greater adoption of the travel program, better controlling hotel spend and generating far more actionable data. Troovo has also helped Ansero develop an API to provide travel booking data.

“In addition to delighting ConsenSys travellers with seamless virtual card capabilities, Troovo’s exciting RPA technology is uniquely positioned to provide Ansero a reliable, trusted and secure source of travel bookings, whose solutions will drive savings for potentially thousands of customers,” said Ansero co-founder John Packel. “The substantial development time and expense Troovo saved us with Smart Hotel Rate is allowing us to accelerate R&D for Ethereum blockchain ‘smart contracts’ that will transform the way corporations and their hotel partners negotiate, transact and assess program performance.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence