Press release

Memo Bank launches the first expense platform directly integrated into a bank account

08 February 2022

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5 minutes

Memo Bank aims at helping CEOs and their teams in their daily banking operations. As banking procedures can be time-consuming, Memo Bank launches a unique expense platform, based on deferred debit cards, directly integrated into a bank account.

An expense platform integrated into a bank account

A bank account is the most reliable source to track a company’s expenses in real time. However, CEOs have limited options when it comes to providing payment methods for their teams. Few operational teams have access to it. For instance, accountants are forced to switch from one app to another when working on bank reconciliation; employees are used to having to pay ahead for their work related expenses, and then get reimbursed. To ease the process, Memo Bank developed both virtual and physical cards, directly integrated into the bank account where SMEs can customize their bank account giving distinct permissions to their teams.

A card service fully customizable

In just a few seconds, financial teams can invite employees onto the Memo Bank platform and allocate a Visa Corporate payment card to each member. Payment cards will enable individuals to make purchases in more than 80 millions retailers across more than 200 countries and territories. No email to send. No forms to fill. Physical cards are automatically sent by mail. Virtual cards are made available directly under the platform.

For Jean-Daniel Guyot, co-founder and Chairman of the Executive Board at Memo Bank “Our clients are looking to increase the autonomy of their teams as much as possible. By giving independent access to virtual and physical payment cards, teams are even more autonomous: from paying a monthly subscription to a software, to booking a business trip or buying office equipment. And for the first time, CEOs will be able to manage in real time the expenses of all their teams, directly in their bank account.”

This goes without saying that financial teams and CEOs may customize each user profile with distinct credentials and permissions. It is the first time a bank has offered as many customizable options.

Real-time follow-up to ease bookkeeping

Operations will appear in real-time on the platform, making budget management simple to follow up on. Budget management is simplified. Financial teams get a global vision on all expenses in the same place, with no need to seek payments on any other banking applications. This monitoring is carried out within the same banking platform: there is no need to connect to a separate site from the online account to retrieve payments. “We couldn’t wait for payment cards to get launched, this was our chance to finally have Memo Bank be our main bank. We’re impressed by virtual cards and how easy it is to use them. In just a few seconds we’re able to generate a card, make a payment and our accountant gets to follow in real time all the expenses as well as easy access to supporting documents. says Virginie Girard, CEO of Serveast.”

Finally, to pilot the company’s finance, each transaction corresponds to a payment card. Each card can be linked to a different current account. And to make the process even easier, each payment card operation can be linked to both notes and supporting documents. This makes it very easy to find your way around.

Deferred debit to ease cash management

All card transactions are debited the 1st of the following month. Unlike most fintech companies, Memo Bank doesn’t ask for cash advances. There are no more complicated math problems to resolve when dealing with cash flows: invoicing goes from the first to the last day of the month. “Thanks to deferred debit, SMEs can manage cash more efficiently following the BNPL principle – Buy Now Pay Later.” adds Jean-Daniel Guyot

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