We were delighted to get the opportunity to showcase our latest product innovations at Finovate Europe, which was held in London on February 9th and 10th.
The event brought together the best of financial technology (Fintech) startups from across Europe. Held in the Old Billingsgate Market Hall (what was the world's largest fish market in the 19th century) near Monument, the annual event attracted a mix of exhibitors, VC’s and financial services institutions. They all shared one common goal - to learn about the latest technology advances from Europe’s best Fintech startups.
Wim Derkinderen and Koen Christiaens presented on behalf of Xpenditure. During the presentation, they focused on some of the latest features we have recently introduced to help deliver on our core promise of helping our users save time managing their expenses. Two of the more recent enhancements consisted of partnerships with Direct ID and VAT IT.
Real Time Reconciliation
A partnership with Direct ID enables Xpenditure to integrate with 1000’s of banks around the world enabling users to reconcile receipts and payments as they occur.
A typical expense management process entails of users needing to wait for their credit card statement a few weeks after the month end. The user then needs to reconcile the line items from their statement with their receipts manually, a tedious and frustrating process familiar to most.
With the Direct ID integration, Derkinderen illustrated how the process can now be done in real time without the need to review transactions manually, representing yet another nail in the coffin for those persisting with legacy solutions.
We also showcased our latest VAT reclaim feature, via a partnership with VAT IT, which enables companies to easily reclaim foreign VAT.
Historically, reclaiming VAT was something that many chose not to do, given the demands on the time needed to actually submit a claim. With the Xpenditure / VAT IT collaboration, the time taken to actually submit a claim is reduced to a few simple steps, representing yet another example of the ability of modern expense management solutions to deliver a considerable return on investment for their users.
Overall, it was a great day, and the opportunity to talk to so many people first hand, reinforced our view that expense management remains a universal pain, shared by people from all walks of life. The appetite for change was also evident, as increasing numbers are beginning to recognise the hidden costs of inefficient legacy approaches to managing business expenses.
Xpenditure is a leading expense management solution that helps you save time managing your expenses. With customers in over 150 countries worldwide, Xpenditure has reinvented the entire expense management process by focusing on digitizing receipts and on eliminating the need for expense reports.
Xpenditure is based in Mechelen (outside Brussels) in Belgium, and has offices in Amsterdam, London, New York and Sao Paolo.
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