NEW YORK, June 16, 2021 (GLOBE NEWSWIRE) -- Today, Teampay, the leading distributed spend management platform, announced Catalyst by Teampay, a first-of-its kind digital corporate card that combines the innovative technology of Teampay’s platform with Mastercard’s industry-leading capabilities, ushering in a new era of a premium commercial card experience for executives.
Catalyst by Teampay is the first corporate card built on the foundation of the Mastercard digital first experience. Nearly 90% of in-person transactions globally now take place at a contactless-enabled merchant, according to recent data from Mastercard. Recognizing the demands and expectations for digital payments options, Catalyst builds on this trend already established by consumer behavior as business travel and expenses begin to rebound. Upon company issuance, Catalyst can be pushed to a cardholder’s mobile wallet so they can make purchases immediately online, in-app, and at the point of sale. This powerful digital experience is accompanied by a contactless metal card. With its sleek design, the Catalyst card is numberless, allowing cardholders to access their information via digital environment. Additionally, cardholders can easily lock the physical card if misplaced, access their transaction history and balance information, receive alerts, and view card benefits.
New, upcoming research from Kelton and Teampay uncovered that 70% of finance professionals contend senior-level executives poorly manage their expense reports. Catalyst offers a top-tier experience for executives who have their own discretionary spending authority. In addition to being digitally driven, this premium offering provides World Elite Mastercard® benefits and services, including car rental and travel insurance, purchase protection, Mastercard ID Theft Protection, concierge services, and more. Catalyst combines these important elements directly with the ease of use, automation, and transparency provided by Teampay’s spend management software to create a next-generation executive card that sets the foundation for the future of business spend.
“The role of digital has forever transformed the way we transact and has shifted the expectations for quick and simple payments,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “We’re pleased to couple our leading solutions and benefits with Teampay’s intuitive platform to deliver a digitally-motivated, relevant and secure experience for the commercial card segment.”
Leveraging Teampay’s existing capabilities, finance teams benefit from real-time visibility into Catalyst purchases and automated reconciliation into their accounting systems. This ultimately eases the burdens of hunting down receipts and closing the books at the end of each month for finance teams. Catalyst will also make it simple for executives to purchase what they need, online or offline, with their digital or physical Catalyst Card.
To ensure the best possible user experience and improve offline purchasing, Teampay is launching a new iOS app, Teampaygo. Through this app, Teampay users and card owners will be able to request funds, check balances, access digital cards, upload receipts in real time, and more.
“Catalyst by Teampay is a groundbreaking step forward for the future of corporate cards,” said Andrew Hoag, CEO of Teampay. “Teampay is dedicated to streamlining and simplifying the process for spend, no matter how or where purchases are made. Our partnership with Mastercard allows us to deliver a digitally driven proposition offering our customers a state-of-the-art experience. As an exclusive, luxury card for executives, Catalyst is an exciting opportunity to build upon Teampay’s existing capabilities that revolutionize corporate spending.”
Teampay has experienced steady momentum in the past year as its customers continue to grow and create demand for increasingly complex business processes and premium offerings. Catalyst and the company’s partnership with Mastercard further expand its capabilities to optimize the business process for spend.
Learn more about Catalyst by Teampay at https://www.teampay.co/catalyst
About Teampay
Teampay’s distributed spend management platform gives high-growth companies total control and real-time visibility over purchasing, while empowering employees with smart, policy-driven access to company spend. Teampay’s patented technology (U.S. Pat. No. 10,755,339, and other patents pending) delivers a user-friendly workflow that aligns spenders and finance, collects critical data, integrates it into legacy systems, and provides safe, intelligent payments. As such, the platform solves the common problems of policy misalignment, lack of transparency, and unpredictable spending. Teampay was founded in 2016 and is headquartered in New York City.
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