Company continues to set the innovation agenda by harnessing the power of the community, enhancing the user experience, and extending its open platform vision
At its annual Inspire’19 conference in London, Coupa Software (NASDAQ: COUP), a leader in Business Spend Management (BSM), announced new product innovations that extend the capabilities of its cloud-based platform for businesses to manage all their spend in one place. Amid global economic uncertainty, Coupa’s latest innovations empower businesses with the visibility, control, and agility to spend smarter together.
“Now more than ever, businesses need a comprehensive platform to effectively manage all of their business spend so they can respond swiftly and smartly to any competitive or economic pressure,” said Raja Hammoud, executive vice president of products at Coupa. “The innovations that we announced today – conceived with and by the BSM community – are designed to help businesses learn, share, and collaborate, and get the spend control they need to thrive at all times.”
Harnessing ‘Community’ for Smarter Spending
Since its beginning, Coupa uniquely recognized the power of ‘community’ to help companies uncover new ways to strategically manage their spend. Purpose-built, the Coupa BSM Platform brings together a global community of businesses to collaborate with one another, and to leverage prescriptive insights from more than $1.3 trillion in cumulative business spend.
- Source Together, Coupa’s newest offering, delivers community-powered savings by connecting businesses with similar buying needs so they can source products and services as a group. Source Together, offered through the Coupa BSM Platform, brings companies together to leverage their collective buying power and help deliver greater savings from suppliers for commodities or services across geographies.
- The latest innovation from Coupa Supplier Insights draws upon Coupa’s aggregated and anonymous spend data from a global community of businesses to automatically tag suppliers that meet diversity requirements, such as those that are women-, minority-, or veteran-owned within their Coupa experience. Supplier Insights helps relieve sourcing teams of the arduous task of manually identifying diverse suppliers to more quickly align to their broader corporate social responsibility goals.
Enhancing the User Experience in a Comprehensive Platform
The foundation of spending smarter is a comprehensive, user-centric platform that makes it easier for everyone in an organization to manage all aspects of business spend, from source to settle. This means delivering a unified, consumerlike experience across all areas of spend that enables employees to rapidly adopt and obtain value from new capabilities offered on the Coupa BSM Platform, such as advanced contract lifecycle management and payments, without the feeling of learning a new application.
- Within six months of Coupa’s acquisition of contract lifecycle management solution Exari, the company has rapidly unified the technology – now called Coupa Contract Lifecycle Management Advanced – with its BSM platform. With CLM Advanced, businesses have a streamlined yet powerful way to manage the contract lifecycle and operationalize contracts against spend transactions at scale, to turn negotiations into real savings.
- Coupa Pay for Expense Payments is the newest solution from the company’s payments offering. With Coupa Pay for Expense Payments, companies can reimburse employee expenses directly from within the Coupa BSM Platform. Focused on simplifying the fragmented payments space for businesses, Expense Payments creates a one-stop shop for businesses to manage the end-to-end expense process, reducing the complexity of managing multiple and manual systems while making the interface simpler for employees. Expense Payments is currently available in an early access program.
Extending its Open Platform Vision
With the breadth of processes and systems involved, ranging from multiple ERPs to risk data, and more, effectively managing spend requires an open platform that can quickly and easily connect to and unify these disparate systems into a streamlined spend management process. Coupa’s open platform makes it simpler, faster, and more agile to connect to an ecosystem of market-leading technology partners to give businesses a single, unified destination to comprehensively manage spend.
- Following the launch of the Coupa App Directory in June, Coupa now allows companies to access third-party applications and data within the context of their BSM processes to empower businesses to make more informed spend decisions. The company’s newest alliances include Amadeus, which provides businesses and its travelers with an end-to-end travel booking experience via its flagship online booking tool, cytric Travel. With cytric Travel data embedded within the Coupa BSM Platform, travelers now have a single place to view and manage all of their business travel – from travel pre-approvals and bookings to expense reimbursements. In addition, EcoVadis provides supplier sustainability ratings, Mastercard Track provides supplier risk data, and BitSight provides supplier cybersecurity ratings.
“We are pleased to partner with Coupa to provide companies a simpler way to manage their corporate travel and expenses,” said Vasken Tokatlian, head of partnerships and alliances, corporations, travel channels at Amadeus. “Our joint customers now have a streamlined, consumerlike experience to manage travel and expenses all in one platform, enabling them to maximize the value of every dollar spent. Amadeus is committed to power smarter business travel for corporations and travelers around the world and this partnership with Coupa is a testament to our vision.”
To learn more about these new capabilities, please visit https://www.coupa.com/.
BATTLEFACE RECEIVES INVESTMENT FROM FINTECH VENTURES FUND
battleface Inc., a rapidly growing tech-enabled insurance startup focused on providing travel insurance products for unconventional travellers worldwide, announced today that it successfully closed its seed financing round with backing from leading strategic and venture capital investors.
Atlanta, Georgia-based Fintech Ventures Fund has invested in the company, joining existing investors Greenlight Re and Tangiers Group. This investment will be used to expand software development, hire sales and business development personnel, and further the company’s global reach.
battleface is led by a team of travel insurance experts. CEO Sasha Gainullin previously developed global operations for AIG Travel Guard and has worked with battleface since its inception. Managing Director Paul Simmonds brings experience as a Lloyd’s of London underwriter with previous leadership roles at Berkley Syndicate, CNA Hardy, Brit, and Goshawk.
“We got our start because many travellers couldn’t find the right insurance products with coverage for their unique travel destinations and real needs,” said Gainullin. “With the latest investment from Fintech Ventures Fund, we’ll continue to expand our B2B partnerships custom-building travel insurance solutions for groups, including business and NGO travellers, associations and membership-based organisations.”
battleface combines innovative technology and underwriting to create, distribute and service specialty travel insurance products for people in both retail and wholesale. Products are supported by a network of 24/7 assistance coordinators, medical providers and on-the-ground field agents who provide emergency claims, medical and travel assistance services on a global basis.
Fintech Ventures Partner Lucas Timberlake said: “A core area of our fund’s investment thesis is that technology can be leveraged to more efficiently provide insurance products to markets that have been underserved by current offerings. We believe that battleface’s seasoned management team will create an industry leader in the travel insurance space. It is for these reasons that we are excited support the company’s future growth.”
VANQUIS BANK PARTNERS WITH HOOYUTO DIGITALISE KYC PROCESSES
HooYu KYC digital journey deployed during the customer lifecycle on a risk-based approach
Leading customer onboarding and KYC technology firm, HooYu, has announced a partnership to digitalise Vanquis Bank’s KYC processes. The HooYu KYC journey has been selected to provide additional identity proofing during the customer lifecycle when customers perform a potentially high-risk action on their accounts.
Vanquis Bank is part of the Provident Financial Group, a UK and Ireland business with over 140 years’ experience in lending to consumers who are not well served by mainstream lenders. With millions of customers, Vanquis needed to find a way to help balance fraud prevention and KYC with a great customer experience.
Existing customers calling in to the change the details on their account were in some cases having to wait weeks before the change could be approved. The team at Vanquis Bank is continually looking to improve how their products work for their customers and that they are easy to apply for and manage. Vanquis Bank decided to implement an ID document validation solution that would speed up customer lifecycle management and improve the customer experience.
Sue Singleton, Process Change Assurance Manager at Vanquis Bank said, “By adding HooYu to our KYC tools, we can improve some of our higher risk customer processes and can now facilitate customer requests without asking the customer to post in copies of documentation. Our agents deal with thousands of customers a day and now what could have been a delay of weeks for our customers, can be achieved in a matter of minutes with HooYu”.
David Pope, Marketing Director at HooYu said, “It’s been great to see the results of Vanquis implementing the HooYu digital journey and how the HooYu UI and UX tools are helping their customers though the KYC process.”
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