BCD Travel introduced BCD Pay, a suite of solutions that, according to an announcement, will use artificial intelligence, machine learning and open APIs (application programming interfaces) to simplify, digitize and automate corporate travel payment, reconciliation and invoice management for clients. The result, said the announcement, is a frictionless digital payment experience from trip booking and payment through reconciliation. Research from BCD reveals the biggest pain points with managing the end-to-end process of business travel for both employees and non-employees:
- A recent BCD survey shows more than 50% of customers still struggle with missing invoices, receipts, credit card reconciliations, and managing the quality of expense and spend data.
- More than 25% of companies face challenges managing payments for meetings, events and non-employee travel, with the changing post-COVID hybrid workplace increasing the complexity around payments and expense management for infrequent travelers.
- For travelers, simplicity is the theme. They want a seamless payment and expense process that saves time and eliminates the need for paper receipts and the back and forth of the approval process. This all starts with digital payment, which has increased in demand with the pandemic. In fact, 65% of travelers cite contactless payment as a key factor for the return to travel.
Clients who subscribe to BCD Pay will benefit, said the announcement, from a “Smart Payment” rules engine that simplifies the management of payment policy and spending limits across traveler segments. It provides seamless orchestration of payment, invoices and receipts during the trip and features an automated console to review, reconcile and audit T&E spend management, invoices, receipt, credit card and expense transactions.