TripActions is enhancing its management platform to allow “rapid reimbursements” of expenses for travellers.
The travel management company is offering expense reimbursements in “as little as 24 hours” across nearly 30 local currencies in more than 45 countries through the TripActions Liquid spend management portal.
Michael Sindicich, who is EVP and general manager of TripActions Liquid, explained: “Companies are quickly becoming more global, but managing travel and expense on a global scale is no easy task. TripActions is responding by building innovative features like global rapid reimbursements to keep pace.
“By streamlining these processes, TripActions will enable companies to operate faster, control spend and improve employee satisfaction.”
TripActions said the initiative makes it the “first and only expense management solution with the ability to reimburse employees for out-of-pocket spend in local currencies in 24 to 48 hours”.
Employees using TripActions Liquid will have to link the app with a personal bank account before submitting an out-of-pocket expense. Reimbursement can then be tracked digitally from submission to deposit.
The TMC added finance teams would benefit from the automated handling of local expense payments and would no longer have to go through the “burden of time-consuming and manual calculations and data entry in various tools”.
When expenses are submitted through TripActions Liquid, the transaction details are captured and coded to automate policy review, approvals, reconciliation and reporting.
Other global upgrades to the expense platform include now giving access to TripActions Liquid’s mobile and web apps in French and German. TripActions is also providing the reporting and documentation needed to track and record value-add tax (VAT) on their spending, which allows them to save up to 20 per cent on expenses.
TripActions Liquid was first launched by the TMC in the US market in 2020 and later made available in Europe in December 2021.