Business customers at Danske Bank will soon be able to enjoy a new service that automates the processing of corporate card payments.
The solution, which has been developed by Danish fintech Zenegy, will initially be rolled out in Denmark and later in the other Nordic countries and Danske Bank's other markets, where it will form part of a growing range of offers to business customers.
'Danske Bank has a clear ambition to be far more than just a bank for our business customers. That is why we want to make the latest and most innovative solutions available to our small and medium-sized business customers, enabling them to further automate and streamline their business,' explains Ida Schulin-Zeuthen, Head of Payment Ecosystem at Danske Bank.
The solution consists of an app that enables businesses and employees to keep track of vouchers and payments in connection with purchases and outlays made with their existing Mastercards.
Image: Zenergy - PR
'Many of the small and medium-sized businesses are today challenged by time-consuming, manual workflows, for example when processing vouchers for business purchases. This shows on the bottom line. We want to help them with that, and we consider it only natural, and also efficient, to offer this service as part of the customers' business relations with us,' says Niels Bang-Hansen, Head of Business Banking Denmark at Danske Bank.
The new solution will be rolled out in Denmark in the course of 2021.
The combination of payroll and expense management offers many benefits, especially when it comes to personal outlays at businesses, which can easily and automatically be reimbursed via salary payments. This can bring significant administrative savings.
Jes Taekker Stemann Brinch
Fintech partnership accelerates development
Danske Bank wants to offer its business customers new and better digital products, and last year, Danske Bank therefore acquired 11% of Zenegy, which began operations in early 2017 and is already an established player in the payroll and HR market.
Integrating solutions is already at the core of the partnership, and now follows an expense management solution that makes it even easier for business customers to digitise and automate work that has so far been done manually.
CEO of Zenegy, Jes Taekker Stemann Brinch, makes no secret of the fact that the extended partnership with Danske Bank in connection with the development of an expense management solution has accelerated development and added a further business area to the company's payroll and HR platform.
'This is a unique opportunity to reach many thousands of Danske Bank's business customers. Clearly, it gives us a huge boost,' he says and continues:
'The combination of payroll and expense management offers many benefits, especially when it comes to personal outlays at businesses, which can easily and automatically be reimbursed via salary payments. This can bring significant administrative savings - not least for the large businesses.'
Facts about Zenegy
Currently has more than 6,000 businesses on its platform
Spent the first three years in the market maturing the product, especially for the large businesses.
Has several major product launches coming in 2020, with another layer of integrated solutions coming on top of payroll, HR and expense management solutions.
The new expense management solution will also be part of District, Danske Bank's online banking platform for business customers. Here, business customers can gather all financial data in one place and can add or remove modules and solutions, including, for example, expense management in relation to corporate cards.