Australian fintech DiviPay has introduced a new expense management and virtual card platform for corporate payers in the country.

The Mastercard virtual commercial card product will enable automation of expense reporting for small and medium-sized companies (SMBs).

Using the newly launched expense card, employees will be able to automatically generate a virtual card. Customers can load the card to their mobile wallet for both in-store and online transactions.

DiviPay virtual expense card eases process

The DiviPay virtual expense card offering automatically pushes the transaction data directly into the company’s accounting software for reconciliation.

DiviPay co-founder and CEO Daniel Kniaz said: “We built DiviPay specifically for the SME market after discovering that many businesses in Australia don’t have the means to make business payments.

“Corporate card programmes are costly, slow to set up and have stringent credit requirements. As a result, businesses either rely on their employees to pay for business expenses with their personal cards, or they share a manager’s credit card around the office which presents a genuine security risk.”

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The company said that automated solution is helping business save up to 30 hours per month on expense reporting.

Kniaz added: “By issuing virtual Mastercards, managers can set very granular spending controls on a card by card basis which means that payments can only be made if they are within the company’s spending policy. DiviPay’s card controls essentially allow you to control company spending before it even happens.”