Spendesk introduces its payment institution

By introducing Spendesk Financial Services, the company aims to provide augmented and secure payment solutions to its clients across France and the EU. The payment institution is regulated by Autorité de contrôle prudentiel et de resolution (ACPR) and was developed through a strategic partnership with Visa. Through this move, Spendesk now holds end-to-end control over its payment services infrastructure and the initiative supports the advancement of the company’s platform. Currently, Spendesk provides its 5,000 client businesses, which account for over 20,000 users across Europe, with a fully integrated spend management solution.

The announcement comes just a few days after Spendesk teamed up with Adyen to assist in the development of embedded financial services. The two companies planned to focus on supporting small and medium-sized enterprises (SMEs) in optimising their operations by offering them embedded financial solutions.

Making company spend management more secure

The strategic move solidifies Spendesk’s commitment to offering a safer and augmented environment for managing company spending to its users. In addition to payment management, Spendesk Financial Services allows the platform to centralise operational procedures and launch new features more rapidly. Among the financial services, Spendesk mentions account management and the provision of several payment methods, including physical cards, virtual business cards, and transfers. Also, the payment institution is integrated within the company’s spend management tool, in turn assisting an end-to-end customer journey, from procurement and spend management to payment.

Furthermore, the launch focuses on scaling the platform’s efficiency, delivering improved service levels and responsiveness for an augmented customer experience. Spendesk Financial Services intends to also assist in the development of other services and payment capabilities. Additionally, the institution prioritises security and service compliance, implementing effective prevention of external fraud on payment methods by applying industry practices and real-time transaction monitoring.

Spendesk’s partnership with Visa