Volopay expands expense management suite across APAC

Friday 7 June 2024 11:23 CET | News

Singapore-based fintech company Volopay has launched the latest version of its expense management suite in various markets across the APAC region.


The launch includes corporate cards, accounts payable automation, and accounting integration capabilities. Volopay offers finance automation aimed at enhancing how businesses manage daily expenses, vendor and subscription payments, accounts payable, budgeting, accounting, and other financial processes.

The platform is now available in Singapore, Australia, India, and Indonesia, and features new AI-powered enhancements designed to streamline business finance management. The new features focus on improving efficiency and transparency in business payments management. All card expenses and bank transfers on Volopay can now be linked to specific departments or projects, aiding in better tracking and organization.

Departments and projects can also set spending limits to ensure expenses stay within budget constraints. The updated version includes AI-powered OCR technology for easier invoice and receipt scanning, fully customizable user roles, reimbursement auto-payments, and an upgraded accounting automation interface. This interface now allows businesses to set custom rules, automate accounting triggers, and enable continuous synchronization. A comment function is also available for users to discuss and request details about expenses.


Additionally, Volopay offers customizable approval workflows, enabling each department or project to have its own multi-level approval system. This allows managers and other approvers to review expenses under their jurisdiction effectively.

Volopay aims to simplify and automate finance management for businesses. Users can manage their expenses through a web dashboard and a mobile application, both of which come with secure login IDs and two-factor authentication.

Partnership with Know Your Customer

In April 2023 Hong Kong-based regtech Know Your Customer announced strategic client wins with Volopay and Coda Payments in Singapore. Know Your Customer's compliance platform aims to streamline client onboarding and periodic review tasks for both clients, enhancing the due diligence experience for their pool of SME and corporate clients.

The announcement of these client wins coincides with the significant growth of the digital payments industry in Southeast Asia, projected to reach USD 1.5 trillion by 2030. In response to this growth, the focus of innovation has shifted towards providing seamless financial services to entrepreneurs, SMEs, and corporates, mirroring the consumer standard.

To assist payment providers in achieving seamless onboarding and robust compliance, Know Your Customer has developed a modular compliance platform. This platform supports clients' requirements for cross-border verification and Know Your Business (KYB) automation. With access to live company registries in 127 countries and an end-to-end digital compliance platform, Know Your Customer empowers fintech businesses to safely onboard clients across borders, navigate complex company structures, and remain compliant with regulatory obligations through automated periodic reviews.

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Keywords: cash management, accounts payable, corporate card, artificial intelligence
Categories: Banking & Fintech
Companies: Volopay
Countries: Asia
This article is part of category

Banking & Fintech


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