Following its announcement of Coupa Pay, a set of payment and financing solutions within the Coupa Business Spend Management (BSM) Platform, Coupa (NASDAQ: COUP) has unveiled a strategic partnership with Barclaycard, a leading global payment business, which is part of Barclays Bank PLC.
Together, they announced the Coupa Pay with Barclaycard offering commencing with virtual cards that create a fast, secure, and convenient way for businesses to manage payments as part of their broader business spend management strategy.
"We're excited to partner with Barclaycard as the first card issuer of our virtual card solution," said Ravi Thakur, senior vice president of Business Acceleration at Coupa. "As a leading global brand and a credit card innovator, Barclaycard will add tremendous value to our customers by helping them not only spend smarter, but pay smarter too."
Using Coupa Pay with Barclaycard, a user requests a virtual card by submitting a purchase requisition through Coupa. Once approved, a unique Barclaycard credit card number is generated for the authorized supplier and amount, and Coupa automatically reconciles the resulting charges and statements back to the PO. Virtual cards reduce finance workloads, creating a more efficient way of engaging with high volume, low-value, and one-off suppliers. Additionally, similar to a standard corporate credit card, businesses can pay suppliers upfront without affecting cash flow or tying up important capital.
David Price, managing director of Client Coverage at Barclaycard said: "Since launching the UK's first corporate credit card over 50 years ago, Barclaycard has been pushing the boundaries to create payment solutions that help make our clients more successful. We are excited to be partnering with Coupa to give users the ability to seamlessly generate a virtual card at the point of PO, which marks an important step in our journey to offer businesses even greater levels of efficiency, control, and connectivity."