Eurocard to roll out Cardlay's automated VAT reclaim solution

Vattax has been developed by Cardlay in partnership with PwC’s VAT department. Initially, the solution was launched exclusively in Denmark at the end of 2019. At that point, Cardlay and SEB Kort, which operates Eurocard, engaged in a Nordic cooperation to develop a white label solution for expense management – of which Vattax is also a part.

Rolling out the automated VAT reclaim solution to the entire Nordics region is the next step in the partnership, which is particularly targeted at SMEs that either miss out on or give lower priority to claiming EU VAT refunds due to lack of knowledge and resources.

According to the company, Cardlay’s VAT reclaim solution is AI-based and aims to help SMEs reclaim foreign VAT automatically. VAT is traditionally a cost accumulated by small Danish enterprises from business trips around the European countries, as the EU VAT reclaim process is too time-consuming and complicated.