A London-based Fintech company called Soldo is adding a new service for UK firms that lets them use a company-wide online expense accounts. This technology allows companies to put spending limits on accounts as well as block non-approved payments. Companies can have one expense account with multiple users, but still track which user incurs which expenses. It also has a feature that allows paper receipts to be photographed and uploaded to the system. All of the expense data is stored in the same system so it easily integrates with business’ accounting programs.
I think that this service is useful for large companies that have a hard time tracking expense reports. The uniform reporting and user-friendly options make integration more likely to succeed. I don’t see why this technology has to be restricted to UK companies. If the technology works for an online expense account, it should be able to integrate with international companies as well. If a UK business is already working abroad then the technology will be in other countries anyway. It makes more sense to do a full rollout of services because it will increase market usage.
Maybe once it is used over sometime and tested in UK market, loop holes for fraud can be found and plugged. After this it can be rolled out to 3rd world markets where there will be more attempts to hack the system.