Happay adds an invoicing tool to the expenses platform
Indian Company of Corporate Expenditure Management Happy launched an invoice processing tool and vendor payment module that enables direct B2B transfers via National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS).
Happay Invoice caters for non-card based expenses and is backed by an unsecured line of credit. Combined with the company’s Happay World travel card and Epic card, the new tool creates a single platform that manages both business spending with and without a card, according to a Monday (October 31). Press release.
“Happay Invoice is the next step towards automating and digitizing invoice-based supplier payments,” said Happay’s COO and co-founder. Varun Rathi said in the press release. “With Happay Invoice, in addition to card payments, businesses can now directly transfer funds to supplier bank accounts from available credit line.”
The company said in the release that the new product aims to simplify supplier payments by enabling direct B2B transfers, improving invoice management and streamlining the user experience by consolidating business expenses into a single platform. It also provides better cash flow and visibility of business expenses by ensuring same-day invoice processing.
In the next phase of development of the expense management platform, Happay plans to add automation features, including Optical Character Recognition (OCR) technology to capture invoice data and integration of enterprise resource planning (ERP) system with analytics capabilities to provide business insights, depending on version.
“With projected exponential growth in global annual invoice volume, invoice digitization has become more important than ever,” Rathi said in the release.
This product launch comes approximately 11 months after Happay was acquired by Indian credit card payment company Cred in a $180 million cash and stock transaction.
Cred said at the time that Happay would communicate regularly with Cred’s management to “leverage its ecosystem, grow distribution, expand product offerings and increase scale.”
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