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Virtual payment processing firm Troovo launches B2B offering

Source: Troovo

Troovo, the world’s leading digital B2B payments processing company for the travel industry, today announced the launch of a complete, end-to-end solution that will automate enterprise payments across any ERP system, credit card processor, bank or currency.

Using its rules-based robotics process automation (RPA) technology, Troovo helps companies integrate their disconnected vendor payment systems, expense management platforms, paper-based payment processes and accounting platforms. Troovo’s unique technology eliminates payment fraud, labor costs and errors.

“Troovo is proud to leverage our significant travel industry experience to deliver companies in any industry the ability to capitalize on the power of digital and virtual payments to transform their accounts payables, expense management and any B2B payment workflows,” said Kurt Knackstedt, CEO and Co-Founder, Troovo. “In a digital world, Troovo is the only technology company that provides companies the ability to streamline their complex and laborious payments systems with a scalable, easy-to-implement, fully integrated solution across any type of B2B system or workflow.”

With 115 billion wholesale payment transactions forecasted for 2019 and virtual card spending expected to surpass $1 trillion by 2022, Troovo is uniquely positioned to provide customers the ability to capitalize on this digital transformation. The company has expanded over the past 18 months with the significant addition of new customers and strategic alliances. Among its new customers and partners are payments provider WEX and market leading blockchain technology company Consensys.

Troovo’s RPA technology is working with ConsenSys to utilize virtual payment solutions for travel-related expenses. Now ConsenSys employees can avoid putting travel expenses on their personal cards and having to request subsequent reimbursements. Troovo is also working with Consensys to integrate a live feed of Consensys’ travel bookings into a newly developed smart contracts platform being developed by Ansero, a ConsenSys company, to be launched later this year.

Troovo’s Robotic Process Automation (RPA) technology allows ConsenSys Travel to solve a major pain point for the company's travelers - the need to put hotel charges on their personal cards and then submit them for reimbursement - while also driving greater adoption of the travel program, better controlling hotel spend and generating far more actionable data. As a global blockchain technology company building the infrastructure, applications, and practices that enable a decentralized world, ConsenSys has a keen interest in partnering with other innovative companies whose products promote transparency, accuracy and accountability. Troovo has also created an API to provide travel booking data to Ansero, a start-up within ConsenSys building next-generation travel management solutions. Having completed one easy integration with Troovo, Ansero's product Smart Hotel Rate is actively monitoring the effectiveness of ConsenSys Travel's negotiated hotel discounts - and will soon do the same for external customers with only minimal additional development effort.

“In addition to delighting ConsenSys travelers with seamless virtual card capabilities, Troovo’s exciting RPA technology is uniquely positioned to provide Ansero a reliable, trusted and secure source of travel bookings, whose solutions will drive savings for potentially thousands of customers," said Ansero co-founder John Packel. "The substantial development time and expense Troovo saved us with Smart Hotel Rate is allowing us to accelerate R&D for Ethereum blockchain 'smart contracts' that will transform the way corporations and their hotel partners negotiate, transact and assess program performance." 

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