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EXPENSE MANAGEMENT


well with business travellers jumping on carbon-intensive flights. This will shrink the existing business travel ecosystem. Top tip for modernisation


Treat the traveller like a consumer. Counterintuitively, handing ownership of the process back to the traveller will give you more control.


CLIVE CORNELIUS, HEAD OF TRAVEL SEGMENT, VISA BUSINESS SOLUTIONS EUROPE Last 100


The introduction of virtual payment to cover travel costs for those without plastic and the introduction of mobile apps to make the


expenses process more timely. Next 200


Digital payment will allow companies to control expenditure within corporate travel guidelines at time of purchase. Plus, I think there will be a lot more usage of AI to automat- ically identify expenses out of policy. Top tip for modernisation Consider the traveller experience as the key driver for change. Making their lives easier will reduce friction and improve adoption.


ROBERTO DA RE, FOUNDER, TRAVEL LEDGER ALLIANCE Last 100


Virtual credit cards, but their challenge is they still mostly rely on travel management companies to provide rich data, rather than the merchant and


product owner. Next 200


Rich data will be exchanged seamlessly by using digital currency, bypassing most of today’s payment rails. Rules will analyse and categorise the data, delivering it to the appropriate “ledger”, be that corporate or personal. Expense reports will truly be a thing of the past. Top tip for modernisation


Leverage your trade organisations and own purchasing power to force suppliers to update their point-of-sale software and provide the data you need. Without a digital delivery mechanism things will be tricky to begin with, but many companies are already building those networks, which will be here before you might think.


buyingbusinesstravel.com


I WOULD LIKE TO SEE POLICY CONTROL BUILT INTO THE PAYMENT PROCESS SO NON-COMPLIANT TRANSACTIONS ARE FLAGGED UP AT TIME OF PURCHASE


BARBARA DOANE, DIRECTOR OF PRODUCT MARKETING, CHROME RIVER Last 100


Without doubt, the smartphone. Travellers can easily leave all their cards at home. They can book an Uber ride or pay for a hotel or meal with their Apple Wallet, or change a flight itinerary or hotel


booking on their travel management app. Much of this data is automatically exported into the expense system, or the receipts are photographed and uploaded. Next 200


It’s possible that biometric payment authentica- tion will replace not only traditional plastic cards but virtual cards, too. At the back end, improve- ments in AI and payment integration will herald the end of submitting expenses. Expense systems will automatically verify compliance and billing codes based on transaction data, and reimburse- ments will be deposited in near-real time. Top tip for modernisation


Work with your finance team to adopt virtual cards. They offer huge convenience and security benefits for both employees and employers.


DARRIN GRAFTON, CEO, SERKO Last 100


The cashless digital wallet has changed the world. I now travel without a wallet; I tap my phone to make payments that are automatically reconciled. The mobil- ity of expense and payment together has made the process much more streamlined. Next 200


Biometric payment via digital currencies will become standard. Credit cards and expense pro- cessing won’t exist as we know them today. It will all be digital with no receipts needed. Payment for anything outside policy will be instantly approved/ declined at point of sale. Top tip for modernisation


Think about the system you want for the future. Buy into a single platform that confronts the same problems you and your team face. Look for virtual payments in travel and expense together, not disjointed systems.


2019 SEPTEMBER/OCTOBER 99


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