Monday, 24 June 2024

Paytron selects Thredd as global issuer processor

5 min read

Thredd, a rapidly expanding next-generation global payments platform, announced its selection by Paytron, a full-suite workflow and spend management platform, as their global issuer processing technology partner.

By leveraging Thredd's state-of-the-art issuer processing technology, Paytron can now empower its customers to effortlessly issue virtual cards to employees across the globe as part of its newly launched employee expense management tool. This payment card offering will enable rapid expense reimbursements via Paytron’s centralised expense management platform, further transforming the expense management process from a lengthy paper-based exercise to an entirely digital process.

Rather than cumbersome and slow expense check issuance, employees using the Paytron solution seamlessly upload their expenses to Paytron's centralised platform triggering notification of the designated expense approver followed by payment via virtual card within 24 hours.

This innovative process not only eliminates the financial inconvenience faced by employees awaiting reimbursements but also enhances the ability of SMEs to streamline expense forecasting and avoid international currency logistics and challenges.

Paytron, founded in 2020 by financial experts Jaco Veldsman and Francois Henrion, quickly established itself as a prominent B2B fintech company in Australia and was acquired earlier this year by OFX, a global online foreign exchange and payments company headquartered in Sydney.

Built on the AWS cloud, Paytron's state-of-the-art global platform acts as a centralised hub for businesses to efficiently manage their invoice and expense workflows. This comprehensive solution covers various financial processes, including accounts payable, international transfers, and payroll. By consolidating these functions, Paytron empowers businesses worldwide to make informed and secure financial decisions. Paytron processed transactions exceeding AUD 1 billion ($656.3 million) within a span of less than three years, demonstrating the impact of their solutions.

Damien Gough, head of Asia-Pacific at Thredd said: "Paytron's smart payments technology revolutionises the way accountants and finance teams of international businesses manoeuvre the complex web of payment information across multiple jurisdictions."

Gough added: “They are an incredibly exciting business, and we are thrilled they selected Thredd to power their international expansion. We look forward to collaborating with Jaco, Francois, and the team as they grow in Asia Pacific, and enter new markets, including the UK, mainland Europe, and North America.”

Jaco Veldsman, CEO of Paytron, added: “We are an ambitious company and wanted an issuer processing partner who understands the needs of fast-moving scale-ups, who has a similar entrepreneurial culture and has the international reach we need to be able to accelerate the launch of our platform worldwide.”

“Thredd sits at the heart of the next-gen global ecosystem processing transactions across 44 countries and counting. This, alongside their powerful next-gen modern payments tech stack, recently enhanced with world-class fraud prevention technology, made them the perfect choice for us.”

 

Re-disseminated by The Asian Banker

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