Happay (now acquired by CRED), a B2B fintech company, recently launched its vendor payment module — Happay Invoice, which aims to simplify supplier payments by enabling direct B2B transfers through NEFT/RTGS.
Following the launch of the Happay World Travel Card last month, Happay unveiled its invoice processing tool to cater to non-card-based business spending. The module is a further extension of Happay’s award-winning EPIC Card, now bringing both card and non-card business expenses under a single platform to provide the corporates with better payable management and an enhanced user experience.
Happay Invoice, backed by an unsecured credit line, is designed to streamline vendor payments by providing features such as quick vendor addition, invoice tracking, and scheduling payments. The development also ensures same-day invoice processing and benefits corporates with improved cash flow and better visibility of business spending.
Varun Rathi, COO and Co-Founder, Happay, shared, “With a projected exponential growth in the global annual invoice volume, invoice digitisation has gained more prominence than ever before. Happay Invoice is the next step towards automating and digitising invoice-based vendor payments. With Happay Invoice, in addition to card payments, corporates can now directly transfer funds to vendor bank accounts from the available credit line.”
In the next phase of development, the product will provide access to advanced automation features that will deliver transparency, efficiency, and compliance. “Our OCR technology will auto-capture invoice data and create digital invoices, preventing any data entry errors. The product will soon offer ERP integration and advanced analytics features as well. Users can convert the insights provided by custom reports and data into savings,” Varun added.
The Bengaluru-based corporate spend management company, which caters to over 6000 corporates across all verticals, has been growing ever since its inception in 2012. Happay offers a unique spend management platform that simplifies all business expenses, invoices, and payments. As a part of its expansion plans, Happay has announced the launch of a travel card product and an invoice digitisation product and is looking to scale further.