Indian corporate spend management company Happay has launched an invoice processing tool and vendor payment module that enables direct B2B transfers through National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS).
Happay Invoice caters to non-card-based spending and is backed by an unsecured credit line. Combined with the company’s Happay World Travel Card and Epic Card, the new tool creates a single platform that handles both card and non-card business expenses, according to a Monday (Oct. 31) press release.
“Happay Invoice is the next step towards automating and digitizing invoice-based vendor payments,” Happay Chief Operating Officer and Co-Founder Varun Rathi said in the release. “With Happay Invoice, in addition to card payments, corporates can now directly transfer funds to vendor bank accounts from the available credit line.”
The company said in the release that the new product aims to simplify vendor payments by enabling direct B2B transfers, improving payable management and streamlining the user experience by bringing business expenses under one platform. It also provides better cash flow and visibility of business spending by ensuring same-day invoice processing.
In the next phase of development of the spend management platform, Happay plans to add automation features, including optical character recognition (OCR) technology to capture invoice data and enterprise resource planning (ERP) system integration with analytics features to provide business insights, according to the release.
“With a projected exponential growth in the global annual invoice volume, invoice digitization has gained more prominence than ever before,” Rathi said in the release.
This product launch comes about 11 months after Happay was acquired by Indian credit cards payment firm Cred in a cash and stock deal valued at $180 million.
Cred said at the time that Happay would regularly interface with Cred leadership to “leverage its ecosystem, build distribution, expand the product offering and drive scale.”
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