Coupa to offer HSBC Virtual Cards to European businesses
By Joy Dumasia
Coupa Software, a leader in Business Spend Management, announced a strategic collaboration with HSBC under its Coupa Pay offering. Commencing with virtual cards, the partnership will provide European companies with access to a fast, seamless, and secure way to manage payments as part of their comprehensive Business Spend Management strategy.
The demand for new and safe B2B payment methods continues to grow as more companies adopt remote work policies and fight fraudulent activity on traditional payment rails. Virtual cards help businesses get complete visibility and control into pre-approved spending and streamline reconciliation, making finance and procurement teams more efficient and productive.
Using Coupa Pay with HSBC, companies can reduce friction and improve efficiency in accounts payable processes. They can generate insights on company-wide spending to make better decisions, manage risk more effectively, and optimize liquidity and working capital cost-effectively. Virtual cards also help enhance corporate responsibility and supply chain resilience by supporting smaller suppliers, safely sourcing from new vendors, and establishing operations in new markets.
Roger Goulart, executive vice president of Business Development and Alliances at Coupa, said: “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, said: “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 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.”
David Moore, Finance Director at Saga, said: “At Saga, our investment in Business Spend Management is helping our finance and procurement teams work better together. 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.”
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