TripActions Liquid Adds Rapid Reimbursement Feature

TripActions has launched multi-currency rapid reimbursement capabilities through its Liquid payment offering, the company announced.

With the feature, employees can connect the TripActions Liquid app to a personal bank account, and companies then can directly reimburse them for out-of-pocket expenses within 48 hours of submission, according to TripActions. Users can submit expenses by photographing a receipt, importing the transaction from their personal card or manually entering the transaction, and then can digitally track their reimbursement until it is in their bank account.

Finance teams can set up automated policy review, approval and reconciliation for the expenses. TripActions noted that many companies handle such reimbursements through payroll, which can delay reimbursements and can require manual entries, increasing the likelihood of errors.

TripActions is offering the feature in 27 currencies and in 50 countries, which it is claiming as the largest level of currency support for rapid reimbursements.

“There’s a world outside of America,” TripActions customer Patreon senior director of financial operations Crystal Ryu said in a statement. “The fact that you can be reimbursed in local currency is huge for our employees.”

In addition to the rapid reimbursement feature, TripActions has added VAT-compliant invoicing to help companies reclaim the taxes from local European tax authorities. Finance teams can create policies for tax details based on the countries where transactions take place, and when employees upload receipt images to the TripActions app, it automatically populates tax details for submission.

The latest Liquid update adds new French and German language options as well, including text and number formatting, according to TripActions.

Michael B. Baker www.businesstravelnews.com